Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | IMATION CORP. | ||
Entity Central Index Key | 1,014,111 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 37,267,442 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float (in shares) | $ 165 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Income Statement [Abstract] | |||||
Net revenue | $ 529.2 | [1] | $ 729.5 | [1] | $ 860.8 |
Cost of goods sold | 427.9 | 591.1 | 672.1 | ||
Gross profit | 101.3 | [1] | 138.4 | [1] | 188.7 |
Operating expenses: | |||||
Selling, general and administrative | 137.8 | 174.7 | 181.6 | ||
Research and development | 19.2 | 18.8 | 18.4 | ||
Intangible impairments | 37.6 | [1] | 0 | 0 | |
Litigation settlement | 0 | 0 | (2.5) | ||
Goodwill impairment | 36.1 | [1] | 35.4 | [1] | 0 |
Restructuring and other | 47.9 | [1] | 13.6 | [1] | 11.3 |
Total | 278.6 | 242.5 | 208.8 | ||
Operating loss | (177.3) | [1] | (104.1) | [1] | (20.1) |
Other (income) expense | |||||
Interest income | (0.4) | (0.5) | (0.2) | ||
Interest expense | 3.3 | 2.6 | 2.5 | ||
Other expense, net | 1.3 | 3.1 | 0.6 | ||
Total | 4.2 | 5.2 | 2.9 | ||
Loss from continuing operations before income taxes | (181.5) | (109.3) | (23) | ||
Income tax provision | 12.5 | 3.1 | 1.4 | ||
Loss from continuing operations | (194) | [1] | (112.4) | [1] | (24.4) |
Discontinued operations: | |||||
(Loss)/gain on sale of discontinued businesses, net of income taxes | 0 | (1.7) | 0.9 | ||
Loss from discontinued operations, net of income taxes | 0 | (0.6) | (20.9) | ||
Loss from discontinued operations | 0 | [1] | (2.3) | [1] | (20) |
Net loss | $ (194) | [1] | $ (114.7) | [1] | $ (44.4) |
Loss per common share — basic: | |||||
Continuing operations (dollars per share) | $ (4.84) | [1] | $ (2.74) | [1] | $ (0.60) |
Discontinued operations (dollars per share) | 0 | [1] | (0.06) | [1] | (0.49) |
Net loss (dollars per share) | (4.84) | [1] | (2.80) | [1] | (1.10) |
Loss per common share — diluted: | |||||
Continuing operations (dollars per share) | (4.84) | [1] | (2.74) | [1] | (0.60) |
Discontinued operations (dollars per share) | 0 | [1] | (0.06) | [1] | (0.49) |
Net loss (dollars per share) | $ (4.84) | [1] | $ (2.80) | [1] | $ (1.10) |
Weighted average shares outstanding: | |||||
Basic (in shares) | 40.1 | 41 | 40.5 | ||
Diluted (in shares) | 40.1 | 41 | 40.5 | ||
Cash dividend paid per common share (dollars per share) | $ 0 | $ 0 | $ 0 | ||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net loss | $ (194) | [1] | $ (114.7) | [1] | $ (44.4) |
Net unrealized (losses) gains on derivative financial instruments: | |||||
Net holding gains arising during the period | (1.4) | 6.1 | 7 | ||
Reclassification adjustment for net realized (gains) losses recorded in net loss | (3.7) | (3.4) | (7.3) | ||
Total net unrealized (losses) gains on derivative financial instruments | (5.1) | 2.7 | (0.3) | ||
Net pension adjustments, net of tax: | |||||
Liability adjustments for defined benefit pension plans | (1.5) | (10.4) | 10.7 | ||
Reclassification of adjustments for defined benefit plans recorded in net loss | 2 | 1.4 | 5.5 | ||
Total net pension adjustments | 0.5 | (9) | 16.2 | ||
Unrealized foreign currency translation losses | (6.7) | (15.7) | (4.5) | ||
Total other comprehensive income (loss), net of tax | (11.3) | (22) | 11.4 | ||
Comprehensive loss | $ (205.3) | $ (136.7) | $ (33) | ||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 70.4 | $ 114.6 |
Accounts receivable, net | 25.4 | 134.4 |
Inventories | 10.5 | 57.7 |
Assets held for sale | 20.6 | 1.2 |
Other current assets | 24.8 | 31.5 |
Total current assets | 151.7 | 339.4 |
Property, plant and equipment, net | 4.6 | 45 |
Intangible assets, net | 4.2 | 57.9 |
Goodwill | 3.8 | 36.1 |
Other assets | 4.1 | 20.8 |
Total assets | 168.4 | 499.2 |
Current liabilities | ||
Accounts payable | 44.3 | 95.5 |
Short-term debt | 0.2 | 18.9 |
Other current liabilities | 65.6 | 98.2 |
Total current liabilities | 110.1 | 212.6 |
Other liabilities | 33.9 | 45.8 |
Total liabilities | 144 | 258.4 |
Shareholders’ equity | ||
Preferred stock, $.01 par value, authorized 25 million shares, none issued and outstanding | 0 | 0 |
Common stock, $.01 par value, authorized 100 million shares, 44.4 million issued | 0.4 | 0.4 |
Additional paid-in capital | 1,042 | 1,034.6 |
Retained deficit | (893.9) | (699.9) |
Accumulated other comprehensive loss | (96.1) | (84.8) |
Treasury stock, at cost | (28) | (9.5) |
Total shareholders’ equity | 24.4 | 240.8 |
Total liabilities and shareholders’ equity | $ 168.4 | $ 499.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, shares issued (in shares) | 44,400,000 | 44,400,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | |
Beginning Balance, Stockholders' Equity at Dec. 31, 2012 | $ 400.4 | $ 0.4 | $ 1,052.6 | $ (540.8) | $ (74.2) | $ (37.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (44.4) | (44.4) | |||||
Purchase of treasury stock | (2.5) | (2.5) | |||||
Restricted stock grants and other | 3.7 | (4.2) | 7.9 | ||||
401(k) matching contribution | 1.7 | (3.6) | 5.3 | ||||
Stock-based compensation related to options | 2.9 | 2.9 | |||||
Net change in cumulative translation adjustment | (4.5) | (4.5) | |||||
Pension adjustments, net of tax | 16.2 | 16.2 | |||||
Cash flow hedging, net of tax | (0.3) | (0.3) | |||||
Ending Balance, Stockholders' Equity at Dec. 31, 2013 | 373.2 | 0.4 | 1,047.7 | (585.2) | (62.8) | (26.9) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (114.7) | [1] | (114.7) | ||||
Exercise of stock options | 0.4 | (1.7) | 2.1 | ||||
Purchase of treasury stock | (2.5) | (2.5) | |||||
Restricted stock grants and other | 3.2 | (10.3) | 13.5 | ||||
401(k) matching contribution | 1.8 | (2.5) | 4.3 | ||||
Stock-based compensation related to options | 1.4 | 1.4 | |||||
Net change in cumulative translation adjustment | (15.7) | (15.7) | |||||
Pension adjustments, net of tax | (9) | (9) | |||||
Cash flow hedging, net of tax | 2.7 | 2.7 | |||||
Ending Balance, Stockholders' Equity at Dec. 31, 2014 | 240.8 | 0.4 | 1,034.6 | (699.9) | (84.8) | (9.5) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (194) | [1] | (194) | ||||
Purchase of treasury stock | (1.7) | (1.7) | (1.7) | ||||
Restricted stock grants and other | 0.6 | 3.8 | (3.2) | ||||
401(k) matching contribution | 2.6 | 2.6 | |||||
Contingent consideration in shares | 0.6 | 0.6 | |||||
Value of shares received in TDK transaction | (13.6) | (13.6) | |||||
Stock-based compensation related to options | 0.4 | 0.4 | |||||
Net change in cumulative translation adjustment | (6.7) | (6.7) | |||||
Pension adjustments, net of tax | 0.5 | 0.5 | |||||
Cash flow hedging, net of tax | (5.1) | (5.1) | |||||
Ending Balance, Stockholders' Equity at Dec. 31, 2015 | $ 24.4 | $ 0.4 | $ 1,042 | $ (893.9) | $ (96.1) | $ (28) | |
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash Flows from Operating Activities: | |||||
Net loss | $ (194) | [1] | $ (114.7) | [1] | $ (44.4) |
Adjustments to reconcile net income to net cash used in operating activities: | |||||
Depreciation and amortization | 16.8 | 21.7 | 23.7 | ||
Stock-based compensation | 1.7 | 5.3 | 6.9 | ||
Deferred income taxes and valuation allowance | 13 | 3.2 | (4.7) | ||
Goodwill, intangible and other asset impairments | 99.3 | 37.8 | 7.1 | ||
Inventory write-offs | 9.7 | 4.6 | 2.7 | ||
Bad debt expense | 5.2 | 1 | 1 | ||
Pension settlement and curtailments | 0.2 | 0.2 | 12.7 | ||
Changes in fair value of contingent consideration | 0 | 0 | (0.6) | ||
Gain on sale of land | 0 | 0 | (9.8) | ||
Gain from RDX sale | (4.5) | 0 | 0 | ||
Gain from TDK transaction (non-cash) | (9.1) | 0 | 0 | ||
Other, net | (0.6) | (5) | (6.9) | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 101.2 | 18.1 | 47.8 | ||
Inventories | 35.2 | 15.5 | 64.2 | ||
Assets held for sale | (19.4) | 4 | (2.7) | ||
Other assets | 29 | 11.4 | 10.5 | ||
Accounts payable | (50.4) | 6.8 | (63.3) | ||
Accrued payroll and other liabilities | (41.5) | (15.5) | (29.6) | ||
Restricted cash | (9.6) | (2.2) | 7.5 | ||
Net cash provided by (used in) operating activities | (17.8) | (7.8) | 22.1 | ||
Cash Flows from Investing Activities: | |||||
Capital expenditures | (3) | (5.6) | (7) | ||
Proceeds from sale of assets and business | 3.3 | 3.4 | 11 | ||
Recovery of investments | 0 | 0 | 0.2 | ||
Acquisitions, net of cash acquired | (3.1) | 0 | 1.6 | ||
Net cash provided by (used in) investing activities | (2.8) | (2.2) | 5.8 | ||
Cash Flows from Financing Activities: | |||||
Purchase of treasury stock | (1.7) | (2.5) | (2.5) | ||
Debt issuance costs | 0 | 0 | (0.4) | ||
Debt borrowings | 16.5 | 38.7 | 4.9 | ||
Debt repayments | (35) | (39.2) | (4.9) | ||
Contingent consideration payments | 0 | 0 | (0.5) | ||
Exercise of stock options | 0 | 0.4 | 0 | ||
Net cash used in financing activities | (20.2) | (2.6) | (3.4) | ||
Effect of exchange rate changes on cash and cash equivalents | (3.4) | (5.4) | (0.6) | ||
Net change in cash and cash equivalents | (44.2) | (18) | 23.9 | ||
Cash and cash equivalents — beginning of period | 114.6 | 132.6 | 108.7 | ||
Cash and cash equivalents — end of period | $ 70.4 | $ 114.6 | $ 132.6 | ||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation Background Imation Corp., a Delaware Corporation, is a global data storage and data security company. With a 60-year history of technology leadership, the Company's mission is to help organizations create an integrated storage, private cloud, file sync and share enterprise solution. The Company historically operated in two reportable segments: Consumer Storage and Accessories (which consisted of our Consumer Storage Media and Audio and Accessories businesses) and Tiered Storage and Security Solutions (which consisted of our Commercial Storage Media and Storage and Security Solutions (i.e. Nexsan and IronKey) businesses). The company is executing on a restructuring plan whereby it is in the final phases of winding down its Consumer Storage and Accessories, Audio and Accessories, and Commercial Storage Media businesses (combined the "legacy businesses"). Additionally, in January 2016, we sold our IronKey business (which was part of our historical Tiered Storage and Security Solutions reportable segment). Going forward, we will focus on our Nexsan business as well as explore strategic alternatives to deploy any excess capital. Basis of Presentation The financial statements are presented on a consolidated basis and include the accounts of the Company and our wholly-owned subsidiaries. See Note 2 - Summary of Significant Accounting Policies for further information regarding consolidation. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). All significant inter-company transactions have been eliminated. The Company’s continued operations and ultimate ability to continue as a going concern will depend on its ability to enhance revenue and operating results, enter into strategic relationships or raise additional capital. The Company can provide no assurances that such plans will occur and if the Company is unable to return to profitability or otherwise raise sufficient capital, there would be a material adverse effect on its business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported asset and liability amounts and the contingent asset and liability disclosures at the date of the financial statements, as well as the revenue and expense amounts reported during the period. Actual results could differ from those estimates. Foreign Currency. For our international operations, where the local currency has been determined to be the functional currency, assets and liabilities are translated at year-end exchange rates with cumulative translation adjustments included as a component of shareholders’ equity. Income and expense items are translated at average foreign exchange rates prevailing during the year. Gains and losses from foreign currency transactions are included in our Consolidated Statements of Operations. Cash Equivalents. Cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase. The carrying amounts reported in our Consolidated Balance Sheets for cash equivalents approximate fair value. Restricted Cash. Cash related to contractual obligations or restricted by management for specific use is classified as restricted and is included in other current assets and/or other assets on our Consolidated Balance Sheets depending on the timing of the restrictions. We had $9.9 million of restricted cash in other current assets as of December 31, 2015 which relates to court ordered vendor payment disputes, employee severance payments and collateral deposits required by our bank associated with outstanding letters of credit. In other assets we had $1.9 million and $ 2.2 million of restricted cash as of December 31, 2015 and 2014, respectively, which relates to cash set aside as indemnification for certain customers. Trade Accounts Receivable and Allowances. Trade accounts receivable are stated net of estimated allowances, which primarily represent estimated amounts associated with customer returns, discounts on payment terms and the inability of certain customers to make the required payments. When determining the allowances, we take several factors into consideration, including prior history of accounts receivable credit activity and write-offs, the overall composition of accounts receivable aging, the types of customers and our day-to-day knowledge of specific customers. Changes in the allowances are recorded as reductions of net revenue or as bad debt expense (included in selling, general and administrative expense), as appropriate, in our Consolidated Statements of Operations. In general, accounts which have entered into an insolvency action, have been returned by a collection agency as uncollectible or whose existence can no longer be confirmed are written off in full and both the receivable and the associated allowance are removed from our Consolidated Balance Sheet. If, subsequent to the write-off, a portion of the account is recovered, it is recorded as a reduction of bad debt expense in our Consolidated Statements of Operations at the time cash is received. Inventories. Inventories are valued at the lower of cost or market, with cost determined on a first-in, first-out basis. We provide estimated inventory write-downs for excess, slow-moving and obsolete inventory as well as inventory with a carrying value in excess of estimated net realizable value. Derivative Financial Instruments. We recognize all derivatives on the balance sheet at their estimated fair value. Fair value of our derivative contracts with durations of twelve months or less are classified as current and durations of greater than twelve months as non-current. Changes in the estimated fair value of derivatives that are not designated as, and qualify for, hedge accounting are recorded in our results of operations. We do not hold or issue derivative financial instruments for speculative or trading purposes, and we are not a party to leveraged derivatives. If a derivative is designated as, and qualifies for, hedge accounting, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the underlying assets or liabilities through operations or recognized in accumulated other comprehensive loss in shareholders’ equity until the underlying hedged item is recognized in operations. These gains and losses are generally recognized as an adjustment to cost of goods sold for inventory-related hedge transactions, or as adjustments to foreign currency transaction gains or losses included in non-operating expenses for foreign denominated payables- and receivables-related hedge transactions. Cash flows attributable to these derivatives are included with cash flows of the associated hedged items. The ineffective portion of a derivative’s change in fair value is immediately recognized in our Consolidated Statements of Operations. See Note 12 - Fair Value Measurements for more information on our derivative financial instruments. Investments. Investments include trading investments. The corresponding gain or loss associated with these investments is reported in our Consolidated Statements of Operations as a component of other expense. Assets Held for Sale. Assets held for sale consists of assets recorded at the lower of the carrying value or fair value less costs to sell for which management has committed to plan to sell the assets, the sale is probable and will occur within a year. We had $20.6 million and $1.2 million of assets held for sale as of December 31, 2015 and 2014, respectively. The assets classified as held for sale as of December 31, 2015 relate to our corporate headquarter facility, Canadian facility and the assets to be sold related to the Memorex trademark transaction. See Note 18 - Subsequent Events for further information on the corporate headquarter facility and Memorex transactions. The assets classified as held for sale as of December 31, 2014 relate to our Weatherford, Oklahoma facility. Property, Plant and Equipment. Property, plant and equipment, including leasehold and other improvements that extend an asset’s useful life or productive capabilities, are recorded at cost. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold or otherwise disposed are removed from the related accounts, and the gains or losses are reflected in the results of operations. Property, plant and equipment are generally depreciated on a straight-line basis over their estimated useful lives. The estimated depreciable lives range from 10 to 20 years for buildings and 5 to 10 years for machinery and equipment. Leasehold and other improvements are amortized over the remaining life of the lease or the estimated useful life of the improvement, whichever is shorter. Depreciation expense was $7.0 million , $8.8 million and $9.4 million for 2015 , 2014 and 2013 , respectively. Intangible Assets. We record all assets and liabilities acquired in purchase acquisitions, including intangibles, at estimated fair value. The initial recognition of intangible assets, the determination of useful lives and, if necessary, subsequent impairment analyses require management to make subjective estimates of how the acquired assets will perform in the future using certain valuation methods. See Note 6 - Intangible Assets and Goodwill for further information on our intangible assets and impairment testing. Goodwill. Goodwill is the excess of the cost of an acquired entity over the estimated fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is considered impaired when its carrying amount exceeds its implied fair value. The Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If we determine in this assessment that the fair value of the reporting unit is more than its carrying amount we may conclude that there is no need to perform Step 1 of the impairment test. We have an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing Step 1 of the goodwill impairment test. Step 1 of the impairment test involves comparing the fair value of the reporting unit to which goodwill was assigned to its carrying amount. If fair value is deemed to be less than carrying value, Step 2 of the impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of the reporting unit's goodwill is greater than the implied fair value of the reporting unit's goodwill, an impairment loss must be recognized for the excess. This involves measuring the fair value of the reporting unit's assets and liabilities (both recognized and unrecognized) at the time of the impairment test. The difference between the reporting unit's fair value and the fair values assigned to the reporting unit's individual assets and liabilities is the implied fair value of the reporting unit's goodwill. See Note 6 - Intangible Assets and Goodwill for further information on our goodwill and impairment testing. Impairment of Long-Lived Assets. We periodically review the carrying value of our property and equipment and our intangible assets to test whether current events or circumstances indicate that such carrying value may not be recoverable. For the testing of long-lived assets that are "held for use," if the tests indicate that the carrying value of the asset group that contains the long-lived asset being evaluated is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment loss would be recognized. The impairment loss is determined by the amount by which the carrying value of such asset group exceeds its estimated fair value. We generally measure fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such assets using an appropriate discount rate. See Note 6 - Intangible Assets and Goodwill for further information on impairment testing. Assets to be disposed of and qualify as being "held for sale" are carried at the lower of their carrying value or fair value less costs to sell. Management judgment is necessary to estimate the fair value of assets and, accordingly, actual results could vary significantly from such estimates. Revenue Recognition. We sell a wide range of data storage, mobile security and consumer storage solutions audio products and accessories. Net revenue consists primarily of data storage, mobile security, magnetic, optical, flash media, consumer electronics and accessories sales. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, installation has been completed (if applicable) or services have been rendered, fees are fixed or determinable and collectability is reasonably assured. For product sales, delivery is considered to have occurred when the risks and rewards of ownership transfer to the customer. For inventory maintained at the customer site, revenue is recognized at the time these products are sold by the customer. We base our estimates for returns on historical experience and have not experienced significant fluctuations between estimated and actual return activity. Non-income based taxes collected from customers are also recorded as revenue and include levies and various excise taxes, mainly in non-U.S. jurisdictions. These taxes included in revenue in 2015 , 2014 , and 2013 were $4.9 million , $7.1 million , and $10.3 million , respectively. The majority of the Company’s Nexsan and IronKey products have both software and non-software components that together deliver the products’ essential functionality. The software is embedded within the hardware and sold together as a single storage solution to the customer. Accordingly, the software and non-software components do not qualify as separate units of accounting as prescribed in Accounting Standards Codification (ASC) 605-25 and are combined as a single unit of accounting. There are no situations where revenue is recognized separately for software. We also offer services in conjunction with our Nexsan and IronKey products which may include installation, training, hardware maintenance and software support. For such services that are determined to be essential to the functionality of the product, the product and services do not qualify as separate units of accounting as prescribed in ASC 605-25 and are combined as a single unit of accounting. In situations where the sale of our Storage and Security Solutions products and associated services qualify as multiple element arrangements, we allocate arrangement consideration to each unit of accounting based on its relative selling price, and revenue is recognized for each element when all of the criteria for revenue recognition for such elements have been met. Revenue from services is not a significant component of total consolidated revenues. Revenue associated with stand-alone service arrangements (such as maintenance arrangements) that are sold separately is recorded ratably over the service period. Rebates that are provided to our customers are accounted for as a reduction of revenue at the time of sale based on an estimate of the cost to honor the related rebate programs. The rebate programs that we offer vary across our businesses as we serve numerous markets. The most common incentives relate to amounts paid or credited to customers that are volume-based and rebates to support promotional activities. Concentrations of Credit Risk. We sell a wide range of products and services to a diversified base of customers around the world and perform ongoing credit evaluations of our customers’ financial condition. Therefore, we believe there is no material concentration of credit risk. No single customer represented more than 10 percent of total net revenue or accounts receivable in 2015 , 2014 , or 2013 . Cost of Goods Sold. Cost of goods sold includes raw materials, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products. Selling, General and Administrative (SG&A) Expenses. SG&A expenses include sales and marketing, customer service, finance, legal, human resources, information technology, general management and similar expenses. Research and Development Costs. Research and development costs are expensed as incurred. Research and development costs include salaries, payroll taxes, employee benefit costs, supplies, depreciation and maintenance of research equipment. Rebates Received. We receive rebates from some of our inventory vendors if we achieve pre-determined purchasing thresholds. These rebates are accounted for as a reduction of the price of the vendor's products and are included as a reduction of our cost of goods sold in the period in which the purchased inventory is sold. Income Taxes. We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax obligations based on expected taxable income, statutory tax rates and tax credits allowed in the various jurisdictions in which we operate. Tax laws require certain items to be included in our tax returns at different times than the items are reflected in our results of operations. Some of these differences are permanent, such as expenses that are not deductible in our tax returns, and some are temporary differences that will reverse over time. Temporary differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheets. We must assess the likelihood that our deferred tax assets will be realized and establish a valuation allowance to the extent necessary. We record income taxes using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax basis of assets and liabilities. We measure deferred tax assets and liabilities using the enacted statutory tax rates that are expected to apply in the years in which the temporary differences are expected to be recovered or paid. We regularly assess the likelihood that our deferred tax assets will be recovered in the future. In accordance with accounting rules, a valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered to be more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. If we determine it is more-likely-than-not that we will not realize all or part of our deferred tax assets, an adjustment to the deferred tax asset will be charged to earnings in the period such determination is made. Our income tax returns are subject to review by various U.S. and foreign taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. Interest and penalties recorded for uncertain tax positions are included in our income tax provision. Treasury Stock. Our repurchases of shares of common stock are recorded at cost as treasury stock and are presented as a reduction of shareholders’ equity. When treasury shares are reissued, we use a last-in, first-out method, and the difference between repurchase cost and fair value at reissuance is treated as an adjustment to equity. Stock-Based Compensation. Stock-based compensation awards classified as equity awards are measured at fair value at the date of grant and expensed over their vesting or service periods. We also have stock appreciation rights outstanding which are considered liability awards as the settlement of these awards, if they were to vest, would be in cash. If these awards were determined to be probable of achieving its stock price conditions and revenue performance conditions, we would record the estimated fair value of such awards as a liability and re-measure their estimated value each reporting period. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the valuation model are supported primarily by historical indicators and current market conditions. Expected volatilities are based on historical volatility of our stock and are calculated using the historical weekly close rate for a period of time equal to the expected term. The risk-free rate for the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data and management judgment to estimate option exercise and employee termination activity within the valuation model. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding. It is calculated on an aggregated basis and estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients’ behavior. In determining the expected term, we consider the vesting period of the awards, the contractual term of the awards, historical average holding periods, stock price history, impacts from recent restructuring initiatives and the relative weight for each of these factors. The dividend yield, if applicable, is based on the latest dividend payments made on or announced by the date of the grant. Forfeitures are estimated based on historical experience and current demographics. See Note 8 - Stock-Based Compensation for further information regarding stock-based compensation. Weighted Average Basic and Diluted Shares Outstanding. Basic (loss) earnings per common share is calculated using the weighted average number of shares outstanding during the year. Diluted (loss) earnings per common share is computed on the basis of the weighted average basic shares outstanding plus the dilutive effect of our stock-based compensation plans using the “treasury stock” method. Unvested restricted stock and treasury shares are excluded from the calculation of weighted average number of common shares outstanding. Once restricted stock vests, it is included in our common shares outstanding. Potential common shares are excluded from the computation of diluted (loss) earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common shareholders. Stock options are also anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company's common stock for the period. See Note 3 - (Loss) Earnings per Common Share for our calculation of weighted average basic and diluted shares outstanding. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued new accounting guidance related to revenue recognition. This new guidance will replace all current U.S. GAAP guidance on revenue recognition and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In July 2015, the guidance was revised to be effective for interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of this new guidance on our financial position and results of operations. In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-15 - Presentation of Financial Statements, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued and if Management’s plans will alleviate that doubt. Management will be required to make this evaluation for both annual and interim reporting periods. The accounting guidance is effective for Imation beginning in the first quarter of 2016. In April 2015, the Financial Accounting Standards Board issued new accounting guidance related to debt issuance costs. Under this new standard, debt issuance costs reported on the consolidated balance sheet would be reflected as a direct deduction from the related debt liability rather than as an asset. For Imation, this is effective January 1, 2016, with early adoption permitted. Retroactive application to prior periods is required. As this standard impacts only the classification of certain amounts within the consolidated balance sheet, Imation does not expect this new standard to have a material impact on our financial position and results of operations. In May 2015, the Financial Accounting Standards Board issued new accounting guidance related to the disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). This standard modifies existing disclosure requirements such that investments for which the practical expedient is used to measure their fair value at net asset value (NAV) would be removed from the fair value hierarchy disclosures. Instead, an entity would be required to include those investments as a reconciling item such that the total fair value amount of investments in the fair value hierarchy disclosure is consistent with the amount on the balance sheet. Changes were also made to the requirements in a sponsor’s employee benefit plan asset disclosures. For Imation, this standard is effective January 1, 2016, with retrospective application required. Early adoption is permitted. As this standard only impacts certain disclosures, it will not impact the Company’s consolidated results of operations and financial condition. In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2015-11, Simplifying the Measurement of Inventory, which modifies existing requirements regarding measuring inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (NRV), and NRV less an approximately normal profit margin. The new ASU replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. For Imation, this standard is effective prospectively beginning January 1, 2017, with early adoption permitted. The Company is currently assessing the impact of this new ASU on Imation’s consolidated results of operations and financial condition. In September 2015, the Financial Accounting Standard Board issued Accounting Standard Update (ASU) No. 2015-16, Business Combinations (Topic 805), which requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The accounting guidance is effective for Imation beginning in the first quarter of 2016. The Company is currently assessing the impact of this new ASU on Imation’s consolidated results of operations and financial condition. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. Entities will need to measure these investments and recognize changes in fair value in net income. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify under current guidance as available for sale in other comprehensive income (OCI). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. Instead, for these types of equity investments that do not otherwise qualify for the net asset value practical expedient, entities will be permitted to elect a practicability exception and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). The ASU also establishes an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option (FVO) has been elected. Under this guidance, an entity would be required to separately present in OCI the portion of the total fair value change attributable to instrument-specific credit risk as opposed to reflecting the entire amount in earnings. For derivative liabilities for which the FVO has been elected, however, any changes in fair value attributable to instrument-specific credit risk would continue to be presented in net income, which is consistent with current guidance. For Imation, this standard is effective beginning January 1, 2018 via a cumulative-effect adjustment to beginning retained earnings, except for guidance relative to equity securities without readily determinable fair values which is applied prospectively. The Company is currently assessing this ASU’s impacts on our consolidated results of operations and financial condition. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. ASU 2016-02 is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements. ASU 2016-02 will be effective for the company beginning on January 1, 2019. Early adoption is permitted. The company is currently evaluating the impact of adopting this standard on its consolidated financial statements. Recently Adopted Accounting Pronouncements In November 2015, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This determination is still required to be performed at a jurisdiction-by-jurisdiction basis. This accounting guidance is effective for Imation beginning in the first quarter of 2017, but we have elected to adopt this guidance prospectively as of December 31, 2015. As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at December 31, 2015. Amounts on the December 31, 2014 Consolidated Balance Sheet were not retrospectively adjusted. |
(Loss) Earnings per Common Shar
(Loss) Earnings per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Common Share | (Loss) Earnings per Common Share The following table sets forth the computation of the weighted average basic and diluted loss per share: Years Ended December 31, 2015 2014 2013 (In millions, except per share amounts) Numerator: Loss from continuing operations $ (194.0 ) $ (112.4 ) $ (24.4 ) Loss from discontinued operations — (2.3 ) (20.0 ) Net loss $ (194.0 ) $ (114.7 ) $ (44.4 ) Denominator: Weighted average number of common shares outstanding during the period 40.1 41.0 40.5 Dilutive effect of stock-based compensation plans — — — Weighted average number of diluted shares outstanding during the period 40.1 41.0 40.5 Basic loss per common share: Continuing operations $ (4.84 ) $ (2.74 ) $ (0.60 ) Discontinued operations — (0.06 ) (0.49 ) Net loss (4.84 ) (2.80 ) (1.10 ) Diluted loss per common share: Continuing operations $ (4.84 ) $ (2.74 ) $ (0.60 ) Discontinued operations — (0.06 ) (0.49 ) Net loss (4.84 ) (2.80 ) (1.10 ) Anti-dilutive shares excluded from calculation 3.6 4.5 6.1 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions Connected Data, Inc. On October 14, 2015, the Company acquired 100% of the stock of Connected Data, Inc. (CDI) to augment the Company’s vision in delivering a comprehensive and secure storage, backup and collaboration ecosystem. The purchase price consisted of a cash payment of $0.7 million , issuance of 1,511,151 unregistered shares of Imation common stock valued at $2.6 million (based on applying a 15% liquidity discount to the fair value of our stock) at acquisition date, $2.6 million associated with the repayment of all of CDI's outstanding debt at the time of acquisition and future contingent consideration totaling up to $5 million (considered to have an estimated fair value of $0.8 million at the time of acquisition) for a total purchase price of $6.7 million . The purchase price allocation resulted in goodwill of $3.8 million which is primarily attributable to its workforce, strategic synergies and intangible assets that do not qualify for separate recognition. This goodwill is not deductible for tax purposes. The following table illustrates our finalized allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of acquisition date: Amount (In millions) Cash $ 0.2 Inventory 0.2 Prepaid and other 0.1 Intangible assets 4.3 Goodwill 3.8 Accounts payable (0.7 ) Accrued expenses (1.1 ) Deferred revenue - current (0.1 ) $ 6.7 Our allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible asset: Weighted Average Amount Life (In millions) Other - developed technology $ 4.3 6 years Actual results related to CDI included in the Consolidated Statements of Operations for the fiscal year ended December 31, 2015 were not material. Due to the immateriality of this acquisition, no pro forma disclosures have been presented. Goodwill acquired in the acquisition of CDI was fully allocated to our Nexsan reporting unit. Upon the acquisition of CDI, we quickly began integrating CDI with our Nexsan business, both operationally and with respect to its management team. The contingent consideration arrangement includes the potential for three separate payments of cash and unregistered shares of Imation common stock based on defined revenue targets. The first contingent consideration payment is for $0.1 million of cash and 313,538 shares of unregistered Imation common stock. The first contingent payment is based on revenue targets achieved from January 1, 2016 to June 30, 2016. The second contingent consideration payment is for $0.3 million of cash and 574,819 shares of unregistered Imation common stock. The second contingent payment is based on revenue targets achieved from July 1, 2016 to December 31, 2016. The third contingent consideration payment is for $0.3 million of cash and 574,819 shares of unregistered Imation common stock. The third contingent payment is based on revenue targets achieved from January 1, 2017 to June 30, 2017. We used the real option valuation technique for calculating the estimated fair value of contingent consideration with a 15% discount rate. Discontinued Operations On February 13, 2013, we announced our plans to divest our XtremeMac and Memorex consumer electronics businesses. As a part of exiting these disposal groups, we sold the assets directly associated with these businesses, which primarily included inventory, tooling and intangible assets. Memorex On October 15, 2013 we completed the sale of the Memorex consumer electronics business for $9.3 million of total consideration consisting of two separate receivables from the purchaser. The first was a $3.8 million note receivable that required a $0.9 million payment in December 2013 with the remainder to be paid by March 31, 2014. We received the required $0.9 million cash payment during the fourth quarter of 2013. The $2.9 million note receivable balance was restructured into four installments with final payment due in 2015. Imation received $1.6 million of note receivable balance in 2014 and the remaining $1.3 million was paid in 2015. The second receivable was for $5.5 million and did not bear interest. This second receivable required payments between 2014 and 2018 in increasing annual increments (ranging from $0.2 million in 2014 to $2.2 million in 2018). Our arrangement for the sale of this business also provided Imation with the ability to receive additional consideration through 2018 to the extent the purchaser ’ s sales exceed certain thresholds. On January 4, 2016, the Company sold its Memorex trademark and corresponding trademark licenses. Amounts due to the Company after January 4, 2016 associated with the $5.5 million receivable described above were part of the assets sold in this transaction and were classified as an asset held for sale on our Consolidated Balance Sheet as of December 31, 2015. See Note 18 - Subsequent Events for information on the Memorex trademark sale. The remaining receivable due to Imation from the 2013 sale of the Memorex consumer electronics business is $0.2 million and is classified as an other current asset on our Consolidated Balance Sheet as of December 31, 2015. The sale of our Memorex consumer electronics business resulted in a net gain of $0.9 million which was recorded as an element of discontinued operations during the year ended December 31, 2013. XtremeMac On January 31, 2014 we completed the sale of the XtremeMac business. The sales price consisted of $0.3 million of cash consideration received at closing and an interest-bearing note receivable of $0.3 million due on December 15, 2015. The sales price also included additional future cash consideration originally estimated at $3.0 million and which was based on the proceeds the purchaser was able to achieve from selling the acquired inventory. During 2013, we adjusted downward our estimate of the expected consideration to be received by $1.2 million . Accordingly, we adjusted the carrying value of the XtremeMac disposal group, and recorded a charge of $1.2 million in 2013 which brought our total full-year 2013 impairment charge associated with this disposal group to $6.7 million . We recorded a charge of an additional $1.2 million in 2014 related to the expected consideration, which is included in the loss on sale of discontinued businesses. We have collected the remaining consideration. The impairment charges are recorded as an element of discontinued operations. Results of Discontinued Operations The operating results for these businesses are presented in our Consolidated Statements of Operations as discontinued operations for all periods presented and reflect revenues and expenses that are directly attributable to these businesses that were eliminated from our ongoing operations. The key components of the results of discontinued operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Net revenue $ — $ 0.4 $ 40.7 (Loss) gain on sale of discontinued businesses, net of income taxes $ — $ (1.7 ) $ 0.9 Loss from operations of discontinued businesses, before income taxes — (0.6 ) (14.2 ) Adjustment to carrying value of disposal group — — (6.7 ) Income tax benefit — — — Loss from discontinued businesses, net of income taxes $ — $ (2.3 ) $ (20.0 ) Due to the expected finalization of the wind-down of our legacy business in 2016 as well as the sale of IronKey in 2016, it is expected that a substantial amount of our historical operations will require presentation as discontinued operations in future periods. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Additional supplemental balance sheet information is provided in the tables that follow. As of December 31, 2015 2014 (In millions) Inventories Finished goods $ 2.4 $ 51.1 Work in process 0.7 0.7 Raw materials and supplies 7.4 5.9 Total inventories $ 10.5 $ 57.7 Property, Plant and Equipment Land $ — $ 1.2 Buildings and leasehold improvements 4.9 94.7 Machinery and equipment 10.3 88.0 Construction in progress — 0.1 Total 15.2 184.0 Less accumulated depreciation (10.6 ) (139.0 ) Property, plant and equipment, net $ 4.6 $ 45.0 Assets held for sale Corporate headquarter facility (Note 18) $ 11.0 $ — Other facilities 0.2 1.2 Memorex trademark and associated receivables (Note 18) 9.4 — Total assets held for sale $ 20.6 $ 1.2 During 2015, we classified our corporate headquarters facility as an asset held for sale. The amounts transferred out of property, plant and equipment and accumulated depreciation in 2015, was $125.6 million and $93.5 million , respectively. The carrying value of $32.1 million was subsequently written down to $11.0 million , which is the value of net proceeds received from the property sale that occurred on January 4, 2016 and is reported in assets held for sale on our Consolidated Balance Sheet as of December 31, 2015. See Note 7 - Restructuring and Other Expense for further information on the facility write down and Note 18 - Subsequent Events for further information on the facility sale. As a result of our restructuring plan to wind down our legacy business, the Company recorded $3.5 million of write downs of property, plant and equipment for the year ended December 31, 2015. Property, plant and equipment and accumulated depreciation in 2015 were adjusted based on fair market value by $24.6 million and $21.1 million , respectively. See Note 7 - Restructuring and Other Expense Accounts Receivable* (In millions) Reserves and Allowances Balance, as of December 31, 2012 $ 18.0 Additions 6.6 Write-offs, net of recoveries (10.1 ) Balance, as of December 31, 2013 $ 14.5 Additions 2.9 Write-offs, net of recoveries (8.3 ) Balance, as of December 31, 2014 $ 9.1 Additions 9.9 Write-offs, net of recoveries (10.0 ) Balance, as of December 31, 2015 $ 9.0 *Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. Other current assets includes $9.9 million of restricted cash as of December 31, 2015. There was no restricted cash in other current assets as of December 31, 2014. Other current liabilities (included as a separate line item in our Consolidated Balance Sheet) includes the following: As of December 31, 2015 2014 (In millions) Rebates payable $ 5.5 $ 26.9 Accrued payroll 6.2 18.4 Deferred Revenue 8.2 8.3 Restructuring accruals (Note 7) 16.9 1.3 Other current liabilities 28.8 43.3 Total other current liabilities $ 65.6 $ 98.2 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible Assets Intangible assets consist of the following: Trade Names Software Customer Relationships Developed Technology & Other Total (In millions) December 31, 2014 Cost $ 34.2 $ 60.1 $ 20.0 $ 26.2 $ 140.5 Accumulated amortization (14.0 ) (55.3 ) (3.7 ) (9.6 ) (82.6 ) Intangible assets, net $ 20.2 $ 4.8 $ 16.3 $ 16.6 $ 57.9 December 31, 2015 Cost $ — $ — $ — $ 4.3 $ 4.3 Accumulated amortization — — — (0.1 ) (0.1 ) Intangible assets, net $ — $ — $ — $ 4.2 $ 4.2 The following table presents the changes in intangible assets: Trade Names Software Customer Relationships Developed Technology & Other Total (In millions) December 31, 2014 $ 20.2 $ 4.8 $ 16.3 $ 16.6 $ 57.9 Acquisition — — — 4.3 4.3 Amortization (3.8 ) (1.7 ) (1.6 ) (2.7 ) (9.8 ) Impairment losses (6.0 ) (3.1 ) (14.7 ) (13.8 ) (37.6 ) Foreign currency translation — — — (0.2 ) (0.2 ) TDK brand transaction (Note 16) (4.5 ) — — — (4.5 ) Memorex trademark (Note 18) (5.9 ) — — — (5.9 ) December 31, 2015 $ — $ — $ — $ 4.2 $ 4.2 For purposes of long-lived asset impairment assessments, we have generally determined our asset groups to be at the level of each brand as this is the lowest level for which identifiable cash flows are available and are largely independent of the cash flows of other assets. Each reporting period, we review our long-lived assets and associated asset groups to determine if there is a triggering event which would require that we perform an impairment test. 2015 Intangible Asset Analysis During the third quarter of 2015, management and the Board of Directors engaged in a detailed strategic and financial assessment of the Company. As a result of this assessment, we significantly revised our previous business strategy by adjusting our product portfolio to a smaller product offering as well as changing our investment philosophy such that the investment in operating expenses will be significantly reduced. Because of our strategy change, smaller product portfolio and reduced future investment, we revised our forecasts, which we determined to be a triggering event for impairment testing. This required the assessment of the recoverability of the long-lived assets (including definite-lived intangible assets). We compared the carrying value of our asset groups with their estimated undiscounted future cash flows and determined that the carrying value of certain asset groups exceeded the undiscounted cash flows expected to be generated by the asset group. For those asset groups, we then compared the carrying value of the asset group to its estimated fair value to determine the amount by which our long-lived assets (primarily intangible assets) with the asset group were impaired. As a result of these analyses, we recorded an impairment charge of $37.6 million in the Consolidated Statements of Operations for the period ended September 30, 2015. In Q4 2015 we recorded an intangible asset of $4.3 million related to the CDI acquisition. In determining the estimated fair value of the asset groups, we used the income approach, a valuation technique under which we estimate future cash flows using the asset group's financial forecasts. Our expected cash flows are affected by various significant assumptions, including the discount rate, revenue, gross margin and EBITA (earnings before interest, taxes and amortization) expectations and the terminal value growth rate. Our analysis utilized discounted forecasted cash flows over a 10 years period with an estimation of residual growth rates thereafter. We use our business plans and projections as the basis for expected future cash flows. The assumptions included utilized discount rates of approximately 16% percent and terminal growth rates ranging from zero to 3.0 percent. As of December 31, 2015, we had an intangible asset balance of $4.2 million related to developed technology. See Note 6 - Intangible Assets and Goodwill in our Notes to Consolidated Financial Statements for more information on intangible assets including our valuation approach and assumptions. 2014 Intangible Asset Analysis As a part of our annual goodwill impairment test for our Nexsan and IronKey reporting units, we also tested for the impairment of long-lived assets, including intangible assets with the asset groups included in our Nexsan and IronKey reporting units. In performing these tests, we compared the carrying values of these asset groups with their estimated undiscounted future cash flows and determined that the undiscounted cash flows expected to be generated by the asset groups significantly exceeded their carrying values resulting in no impairment. During the first and third quarters of 2014, as noted below under our 2014 goodwill analysis discussion, we performed interim goodwill impairment testing for our Nexsan reporting unit due to lower than anticipated results. We determined these factors to be an event that warranted interim tests as to whether our intangible assets associated with Nexsan were impaired. Based on our impairment analysis performed in the first and third quarters of 2014, we concluded that we did not have an impairment of our intangible assets associated with Nexsan at those times. Amortization Expense Amortization expense from continuing operations for intangible assets consisted of the following: Years Ended December 31, 2015 2014 2013 (In millions) Amortization expense $ 9.8 $ 12.9 $ 13.2 Based on the intangible assets in service as of December 31, 2015 , estimated amortization expenses for each of the next five years ending December 31 is as follows: 2016 2017 2018 2019 2020 (In millions) Amortization expense $ 0.7 $ 0.7 $ 0.7 $ 0.7 $ 0.6 Goodwill See Note 14 for discussion regarding our changes to reportable segments which occurred in the fourth quarter of 2015. The following table presents the changes in goodwill allocated to our reportable segments: Nexsan IronKey Storage Media and Accessories Total (In millions) Balance as of December 31, 2013: Goodwill $ 64.1 $ 32.9 $ 152.3 $ 249.3 Accumulated impairment losses — (24.9 ) (152.3 ) (177.2 ) 64.1 8.0 — 72.1 Goodwill impairment (35.4 ) — (35.4 ) Foreign currency translation (0.6 ) — (0.6 ) Balance as of December 31, 2014: Goodwill 63.5 32.9 152.3 248.7 Accumulated impairment losses (35.4 ) (24.9 ) (152.3 ) (212.6 ) 28.1 8.0 — 36.1 Goodwill from acquisition of Connected Data, Inc. 3.8 — 3.8 Goodwill impairment (28.1 ) (8.0 ) — (36.1 ) Foreign currency translation — — — Balance as of December 31, 2015: Goodwill 67.3 32.9 152.3 252.5 Accumulated impairment losses (63.5 ) (32.9 ) (152.3 ) (248.7 ) $ 3.8 $ — $ — $ 3.8 We test the carrying amount of a reporting unit's goodwill for impairment on an annual basis during the fourth quarter of each year or if an event occurs or circumstances change that would warrant impairment testing during an interim period. Goodwill acquired in the acquisition of CDI was fully allocated to the Nexsan reporting unit. Upon the acquisition of CDI, we began quickly integrating CDI with our Nexsan business, both operationally and with respect to its management team. 2015 Goodwill Analysis We test the carrying amount of a reporting unit's goodwill for impairment on an annual basis during the fourth quarter of each year and during an interim period if an event occurs or circumstances change that would warrant impairment testing. During the third quarter of 2015, management and the Board of Directors engaged in an assessment of the Nexsan and IronKey businesses of the Company. As a result of this assessment, we significantly revised our previous business strategy by adjusting our product portfolio to a smaller product offering as well as changing our investment philosophy associated with these businesses such that the investment in operating expenses will be significantly reduced. Because of our strategy change, smaller product portfolio and reduced future investment, we revised our forecasts, which we determined to be a triggering event requiring us to review our goodwill related to our Nexsan and IronKey reporting units for impairment. In determining the estimated fair value of these reporting units, we used the income approach, a valuation technique under which we estimate future cash flows using the reporting unit's financial forecasts. Our expected cash flows are affected by various significant assumptions, including the discount rate, revenue, gross margin and EBITA (earnings before interest, taxes and amortization) expectations and the terminal value growth rate. Our analysis utilized discounted forecasted cash flows over a 10 year period with an estimation of residual growth rates thereafter. We use our business plans and projections as the basis for expected future cash flows. The assumptions included utilized discount rates of approximately 16.0 percent and terminal growth rates ranging from zero to 3.0 percent. As a result of this assessment, it was determined that the carrying values of our Nexsan and IronKey reporting units exceeded their estimated fair values. Accordingly, we performed a Step 2 goodwill impairment test which compared the implied value of the goodwill associated with each of these reporting units to the carrying value of the goodwill associated with each of these reporting units. Based on this analysis, the carrying values of the goodwill associated with Nexsan exceeded its implied value by $28.1 million and the carrying values of the goodwill associated with IronKey exceeded its implied value by $8.0 million . Consequently, we recorded an impairment charge of 36.1 million in the Consolidated Statements of Operations for the year ended December 31, 2015. See Note 2 - Summary of Significant Accounting Policies and Note 6 - Intangible Assets and Goodwill in our Notes to Consolidated Financial Statements as well as Critical Accounting Policies and Estimates for further background and information on goodwill impairments. 2014 Goodwill Analysis During the first and then again in the third quarter of 2014, we adjusted our internal forecast for our Nexsan reporting unit due to lower than anticipated results. We considered these factors to be an event that warranted an interim test as to whether goodwill was impaired in each of these periods. The first quarter test resulted in no impairment of goodwill as the estimated fair value of the reporting unit exceeded its carrying value. In performing Step 1 of the third quarter test, it was determined that the carrying value of our Nexsan reporting unit exceeded its estimated fair value. Accordingly, we performed a Step 2 goodwill impairment test which compared the implied value of the goodwill associated with Nexsan to the carrying value of such goodwill. Based on this analysis, the carrying value of the Nexsan goodwill exceeded its implied value by $35.4 million and, consequently, we recorded an impairment charge of that amount in the Consolidated Statements of Operations. In determining the estimated fair value of the reporting unit, we used the income approach, a valuation technique under which we estimate future cash flows using the reporting unit's financial forecasts. Our expected cash flows are affected by various significant assumptions, including the discount rate, revenue, gross margin and EBITA (earnings before interest, taxes and amortization) expectations and the terminal value growth rate. Our analysis utilized discounted forecasted cash flows over a 10 year period with an estimation of residual growth rates thereafter. We use our business plans and projections as the basis for expected future cash flows. The assumptions included utilized a discount rate of 16.5 percent and a terminal growth rate of 3.0 percent . Because our Nexsan reporting unit had not been able to achieve its anticipated results, we increased our discount rate by 2.0 percent over the estimated market discount rate of 14.5 percent . During the fourth quarter of 2014, we performed our annual impairment testing of goodwill for our Nexsan and IronKey reporting units. In performing Step 1 of these tests, we compared the estimated fair value of these reporting units to the carrying value. These impairment tests resulted in no fourth quarter impairment as the estimated fair value of each reporting unit exceeded the carrying value for the Nexsan and IronKey reporting units, respectively. In determining the estimated fair value of the reporting units for our annual test performed in the fourth quarter of 2014, we used the income approach, a valuation technique under which we estimate future cash flows using the reporting unit's financial forecasts. Our expected cash flows are affected by various significant assumptions, including the discount rate, revenue, gross margin and EBITA (earnings before interest, taxes and amortization) expectations and the terminal value growth rate. Our analysis utilized discounted forecasted cash flows over a 10 year period with an estimation of residual growth rates thereafter. We use our business plans and projections as the basis for expected future cash flows. The assumptions included utilized a discount rate of 16.5 percent and a terminal growth rate of 3.0 percent for each reporting unit. |
Restructuring and Other Expense
Restructuring and Other Expense | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Expense | Restructuring and Other Expense Restructuring expenses generally include severance and related charges, lease termination costs and other costs related to restructuring programs. Employee-related severance charges are largely based upon distributed employment policies and substantive severance plans. Generally, these charges are reflected in the period in which the Board approves the associated actions, the actions are probable and the amounts are estimable which may occur prior to the communication to the affected employee(s). This estimate takes into account all information available as of the date the financial statements are issued. Restructuring Plan On September 27, 2015, the Company adopted a restructuring plan pursuant to which it wind down all sales and operations of its legacy business in an accelerated manner and further reduce and rationalize its corporate overhead (the Restructuring Plan). The Company entered into the Restructuring Plan as a result of continued losses due to secular declines in its legacy business and to reduce the cost structure and streamline the organization in light of these changes. The Company expects that it will incur approximately $120 million in total charges for the Restructuring Plan excluding tax impact and approximately $35 million of the total charges will require cash expenditures. The Company expects that the Restructuring Plan and associated wind down of its legacy business will be substantially complete during the first quarter of 2016. In October 2012, the Board of Directors approved our Global Process Improvement (GPI) Program in order to realign our business structure and significantly reduce operating expense over time. This restructuring program addressed product line rationalization and infrastructure and included a planned reduction in our global workforce. The GPI restructuring program is closed and 2015 charges (beginning with the third quarter of 2015) and future related charges will be reported as part of the Restructuring Plan discussed above. Restructuring and Other Expense The components of our restructuring and other expense included in our Consolidated Statements of Operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Restructuring Severance and related $ 24.5 $ 3.9 $ 2.1 Lease termination costs 1.5 0.3 0.7 Other 2.6 1.2 2.4 Total restructuring $ 28.6 $ 5.4 $ 5.2 Other Settlement of UK pension plan (Note 9) — 0.5 10.6 Gain on sale of fixed assets held for sale — — (9.8 ) Acquisition and integration related costs 0.5 — 2.8 Pension settlement/curtailment (Note 9) (0.8 ) 0.2 2.1 Asset disposals / write down 24.6 1.8 — Other (5.0 ) 5.7 0.4 Total $ 47.9 $ 13.6 $ 11.3 Restructuring Expense During the year ended December 31, 2015 we recorded $28.6 million of total restructuring charges for which $24.5 million relates to severance almost exclusively associated with our Restructuring Plan. Total restructuring charges of $5.4 million and $5.2 million for the years ended December 31, 2014 and 2013, respectively, were related to the GPI program. Other Expense Certain amounts recorded in Other are discussed elsewhere in our Notes to Consolidated Financial Statements. See note references in table above. During the year ended December 31, 2015, we had $0.5 million of acquisition and integration related costs related to the acquisition of Connected Data, Inc. During the year ended December 31, 2015 we recorded $24.6 million of charges associated with asset disposals / asset write downs for which $21.0 million relates to the write down of our corporate headquarters facility and $3.6 million relates to other miscellaneous asset disposals and write downs caused by our restructuring efforts. During 2015, based on the Board of Director's and management's decision to sell tour corporate headquarters facility in light of the other restructuring activities that were approved in September 2015, we classified our corporate headquarters facility as an asset held for sale. The carrying value of our corporate headquarters facility of $32.1 million was subsequently written down to $11.0 million which is the value of net proceeds received from the property sale that occurred on January 4, 2016. The $5.0 million of gain in other includes a $9.1 million gain on the termination of the TDK license, a $4.5 million gain on the sale of our RDX Storage product line. These gains were partially offset by certain employee costs, consulting fees for external and related parties directly associated with our restructuring efforts, the US pension cost and others. See Note 16 - Related Party Transactions for further information on the TDK transaction and related party consulting fees. See Note 12 - Fair Value Measurements for further information on the RDX transaction. During the year ended December 31, 2014 we had $1.8 million of asset disposals / asset write downs for which $1.0 million relates to the write down of our Weatherford, Oklahoma facility and $0.8 million relates to miscellaneous asset disposals. During the year ended December 31, 2014, we had $5.7 million of other expenses which includes certain employee costs and consulting fees directly associated with our restructuring efforts. During the year ended December 31, 2013, a gain of $9.8 million was recorded related to the sale of our Camarillo, California manufacturing facility. Restructuring Accruals Activity related to the new and existing restructuring accruals was as follows: Severance and Related Lease Termination Costs Other Total (In millions) Accrued balance at December 31, 2013 $ 2.2 $ 0.4 $ 0.8 $ 3.4 Charges 3.7 0.1 0.6 4.4 Usage (5.1 ) (0.2 ) (1.4 ) (6.7 ) Currency impacts — — 0.2 0.2 Accrued balance at December 31, 2014 $ 0.8 $ 0.3 $ 0.2 $ 1.3 Charges 24.5 1.5 2.6 28.6 Usage (11.1 ) (0.6 ) (1.3 ) (13.0 ) Currency impacts — — — — Accrued balance at December 31, 2015 $ 14.2 $ 1.2 $ 1.5 $ 16.9 Cost of Goods Sold In addition to the restructuring charges recorded in restructuring in other, we recorded inventory write-offs of $9.7 million , $4.6 million , and $2.7 million related to the rationalization of certain product lines for the years ended December 31, 2015, 2014 and 2013, respectively, which are included in cost of goods sold in our Consolidated Statement of Operations. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock compensation consisted of the following: Years Ended December 31, 2015 2014 2013 (In millions) Stock compensation expense $ 1.7 $ 5.3 $ 6.3 We have stock-based compensation awards outstanding under four plans (collectively, the Stock Plans). We have stock options outstanding under our 2000 Stock Incentive Plan (2000 Incentive Plan) and 2005 Stock Incentive Plan (2005 Incentive Plan), and we have stock options and restricted stock outstanding under our 2008 Stock Incentive Plan (2008 Incentive Plan). We have stock options, restricted stock and stock appreciations rights (SARs) outstanding under our 2011 Stock Incentive Plan (2011 Incentive Plan). Restricted stock granted and stock option awards exercised are issued from our treasury stock. The purchase of treasury stock is discretionary and will be subject to determination by our Board of Directors each quarter following its review of our financial performance and other factors. No further shares are available for grant under the Directors Plan, the 2000 Incentive Plan, the 2005 Incentive Plan or the 2008 Incentive Plan. Stock-based compensation awards issued under these plans generally have terms of ten years and, for employees, vest over a four -year period. Awards issued to directors under these plans become fully exercisable on the first anniversary of the grant date. Stock options granted under these plans are not incentive stock options. Exercise prices of awards issued under these plans are equal to the fair value of the Company's stock on the date of grant. As of December 31, 2015 , there were 2,135,693 stock-based compensation awards outstanding that were issued under these plans and consist of stock options and restricted stock. The 2011 Incentive Plan was approved and adopted by our shareholders on May 4, 2011 and became effective immediately. The 2011 Incentive Plan was amended and approved by our shareholders on May 8, 2013. The 2011 Incentive Plan permits the grant of stock options, SARs, restricted stock, restricted stock units, dividend equivalents, performance awards, stock awards and other stock-based awards. The aggregate number of shares of our common stock that may be issued under all stock-based awards made under the 2011 Incentive Plan is 6.0 million . The number of shares available for awards, as well as the terms of outstanding awards, is subject to adjustments as provided in the 2011 Incentive Plan for stock splits, stock dividends, recapitalization and other similar events. Awards may be granted under the 2011 Incentive Plan until the earlier to occur of May 3, 2021 or the date on which all shares available for awards under the 2011 Incentive Plan have been granted; provided, however, that incentive stock options may not be granted after February 10, 2021. Stock-based compensation awards issued under the 2011 Incentive Plan generally have a term of ten years and, for employees, vest over a three -year period. Awards issued to directors under this plan become fully exercisable on the first anniversary of the grant date. Stock options granted under these plans are not incentive stock options. Exercise prices of awards issued under these plans are equal to the fair value of the Company's stock on the date of grant. As of December 31, 2015 we had 3,578,304 of stock-based compensation awards consisting of stock options and restricted stock outstanding under the 2011 Incentive Plan. As of December 31, 2015 there were 125,649 shares available for grant under our 2011 Incentive Plan. Stock Options The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. The assumptions used in the valuation model are supported primarily by historical indicators and current market conditions. Volatility was calculated using the historical weekly close rate for a period of time equal to the expected term. The risk-free rate of return was determined by using the U.S. Treasury yield curve in effect at the time of grant. The expected term was calculated on an aggregated basis and estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients’ behavior. In determining the expected term, we considered the vesting period of the awards, the contractual term of the awards, historical average holding periods, stock price history, impacts from recent restructuring initiatives and the relative weight for each of these factors. The dividend yield was based on the latest dividend payments made on or announced by the date of the grant. The following table summarizes our weighted average assumptions used in the valuation of options for the years ended December 31: 2015 2014 2013 Volatility 41 % 46 % 43 % Risk-free interest rate 1.84 % 1.93 % 1.05 % Expected life (months) 72 73 72 Dividend yield — % — % — % The following table summarizes our stock option activity: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (millions) Outstanding December 31, 2012 5,818,472 $ 16.57 5.9 $ — Granted 1,034,406 3.85 Exercised — — Canceled (1,069,192 ) 25.22 Forfeited (412,148 ) 7.13 Outstanding December 31, 2013 5,371,538 $ 13.11 6.1 $ 0.8 Granted 61,275 3.72 Exercised (87,569 ) 3.97 Canceled (881,069 ) 19.05 Forfeited (566,189 ) 4.14 Outstanding December 31, 2014 3,897,986 $ 13.07 4.8 $ — Granted 1,314,547 1.45 Exercised (20,000 ) 3.84 Canceled (574,368 ) 19.68 Forfeited (66,944 ) 6.16 Outstanding December 31, 2015 4,551,221 $ 9.02 4.4 $ — Of the options granted during the year ended December 31, 2015 and 2014, 24,547 and 61,275 , respectively, were performance-based options that vest based on the Company's performance against Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) targets for the subsequent three year period. The aggregate intrinsic value of all outstanding stock options was less than $0.1 million , less than $0.1 million and $0.8 million as of December 31, 2015 , 2014 and 2013 , respectively. The intrinsic value of options exercised during 2015 and 2014 was less than $0.1 million . The weighted average grant date fair value of options granted during the years 2015 , 2014 and 2013 was $0.60 , $1.72 and $1.61 , respectively. The following table summarizes exercisable options and options expected to vest as of December 31, 2015 : Exercisable Options Options Expected to Vest Weighted Average Remaining Weighted Average Weighted Average Remaining Weighted Average Range of Exercise Stock Contractual Exercise Stock Contractual Exercise Prices Options Life (Years) Price Options Life (Years) Price $3.48 to $6.16 833,362 3.8 $ 5.18 1,158,188 8.2 $ 1.73 $6.17 to $9.64 422,603 2.3 8.62 — 0.0 — $9.65 to $19.20 1,244,009 2.5 10.05 — 0.0 — $19.21 to $23.95 7,500 1.0 20.31 — 0.0 — $23.96 to $28.70 342,612 1.3 24.61 — 0.0 — $28.71 to $39.38 152,170 0.8 37.25 — 0.0 — $39.39 to $41.75 93,985 0.3 41.61 — 0.0 — $41.76 to $46.97 — 0.0 — — 0.0 — $3.48 to $46.97 3,096,241 2.5 $ 12.47 1,158,188 8.2 $ 1.73 Total stock-based compensation expense associated with stock options related to continuing operations recognized in our Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 was $0.4 million , $1.4 million and $2.7 million , respectively. This expense would result in related tax benefits of $0.1 million , $0.5 million and $0.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. However, these tax benefits are included in the U.S. deferred tax assets which are subject to a full valuation allowance, and due to the valuation allowance, we did not recognize the related tax benefits in 2015 , 2014 or 2013 . As of December 31, 2015 there was $0.7 million of total unrecognized compensation expense related to outstanding stock options. That expense is expected to be recognized over a weighted average period of 2.8 years. No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2015 , 2014 or 2013 . Restricted Stock The following table summarizes our restricted stock activity: Restricted Stock Weighted Average Grant Date Fair Value Per Share Nonvested as of December 31, 2012 1,025,804 $ 7.12 Granted 837,443 3.75 Vested (561,099 ) 6.99 Forfeited (109,827 ) 6.59 Nonvested as of December 31, 2013 1,192,321 $ 4.87 Granted 1,229,249 3.65 Vested (734,533 ) 5.19 Forfeited (338,120 ) 3.95 Nonvested as of December 31, 2014 1,348,917 $ 3.81 Granted 1,724,518 2.89 Vested (868,985 ) 3.90 Forfeited (1,041,674 ) 3.85 Nonvested as of December 31, 2015 1,162,776 $ 2.34 Effective May 22, 2015, a “Change of Control” occurred under the terms of the Company’s Amended and Restated Severance and Change in Control Agreements and certain incentive award agreements with its executives as a result of the election of three new directors to the Company’s Board of Directors by shareholders at the shareholder meeting on May 20, 2015 (the "May 2015 Change of Control Event"). Upon a change of control, under the terms of the agreements with these executives, the performance-based restricted shares are converted into a right to receive cash, and a portion of such awards vest immediately and are settled in cash. As a result, 225,347 restricted shares covered by such at the time of the May 2015 Change of Control Event vested immediately, and a cash payment of $1.0 million was made to settle such awards. The only situation in which such shares would have been settled in cash was pursuant to a change of control. Additionally, 866,820 restricted shares that were subject to vesting in the future were forfeited and were recorded as treasury shares. Of the restricted stock granted during the year ended December 31, 2015 and 2014, 1,264,661 and 914,768 , respectively, were performance-based restricted stock that vest based on various performance metrics such as revenue, EBITDA and liquidity. The total fair value of shares that vested during the years 2015 , 2014 and 2013 was $3.4 million , $3.8 million and $3.9 million , respectively. Total stock-based compensation expense associated with restricted stock relating to continuing operations recognized in our Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 was $1.3 million , $3.9 million and $3.6 million , respectively. This expense would result in related tax benefits of $0.5 million , $1.5 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. However, these tax benefits are included in the U.S. deferred tax assets which are subject to a full valuation allowance and due to the valuation allowance, we did not recognize the related tax benefit in 2015 , 2014 and 2013 . As of December 31, 2015 there was $1.6 million of total unrecognized compensation expense related to outstanding restricted stock. That expense is expected to be recognized over a weighted average period of 3.6 years. No related stock-based compensation was capitalized as part of an asset for the years ended December 31, 2015 , 2014 or 2013 . Stock Appreciation Rights (SARs) The following table summarizes our stock appreciation rights activity: Stock Appreciation Rights Outstanding as of December 31, 2012 — Granted 3,108,128 Canceled (89,286 ) Outstanding as of December 31, 2013 3,018,842 Granted 659,473 Canceled (703,383 ) Outstanding as of December 31, 2014 2,974,932 Granted 2,725,330 Canceled (1,905,328 ) Outstanding as of December 31, 2015 3,794,934 During the years ended December 31, 2015 and 2014, we granted 2.7 million and 0.7 million SARs under the 2011 Incentive Plan to certain employees associated with our Nexsan and IronKey operations. These awards were issued to incentivize employees to grow revenues. These awards expire on December 31, 2017 and only vest when both stock price and revenue performance conditions specified by the terms of the SARs are met. Additionally, under the terms of the 2015 SARs, any cash payments to an individual under a 2015 vested SAR would reduce any cash payment received under any earlier SAR grant pertaining to that individual, if an when such earlier SAR vests. For the stock price condition, based on the terms of the awards, 50 percent of the SARs may vest if the 30 -day average Imation stock price reaches $8 per share or more by December 31, 2017 and the remaining 50 percent of the SARs could vest if the 30 -day average Imation stock price reaches $12 per share or more by December 31, 2017. Additionally, for the revenue performance condition, as a condition necessary for vesting, the net revenue of Nexsan or IronKey (depending on the award) must reach certain specified stretch targets by December 31, 2017. If exercised, the SARs require a cash payment to the holder in an amount based on the Imation stock price at the date of exercise as compared to the stock priced at the date of grant. As of December 31, 2015 and 2014 we have not recorded any compensation expense associated with these SARs based on the applicable accounting rules. We will continue to assess these SARs each quarter to determine if any expense should be recorded. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans Pension Plans We have various non-contributory defined benefit pension plans covering United States employees employed prior to January 1, 2010 and certain employees outside the United States, primarily in Germany and Japan. Total pension expense was $0.5 million , $0.2 million and $2.6 million in 2015 , 2014 and 2013 , respectively. The measurement date of our pension plans is December 31st. During the twelve months ended December 31, 2015 we contributed $1.2 million to our worldwide pension plans. We presently anticipate contributing between $1 million and $2 million to fund our worldwide pension plans in 2016 . It is our general practice, at a minimum, to fund amounts sufficient to meet the requirements set forth in applicable benefits laws and local tax laws. From time to time, we contribute additional amounts, as we deem appropriate. Effective January 1, 2010, the U.S. plan was amended to exclude new hires and rehires from participating in the plan. In addition, we eliminated benefit accruals under the U.S. plan as of January 1, 2011, thus “freezing” the defined benefit pension plan. Under the plan freeze, no pay credits were made to a participant’s account balance after December 31, 2010. However, interest credits will continue in accordance with the annual update process. For the U.S. plan, employees who have completed three years or more of service, including service with 3M Company before July 1, 1996, or who have reached age 65, are entitled to pension benefits beginning at normal retirement age (65) based primarily on employees’ pay credits and interest credits. Through December 31, 2009, pay credits were made to each eligible participant's account equal to six percent of that participant's eligible earnings for the year. Beginning on January 1, 2010 and through December 31, 2010, pay credit contributions were reduced to three percent of each participant’s eligible earnings. In conjunction with the plan freeze, no additional pay credits were made to a participant’s account balance after December 31, 2010. A monthly interest credit is made to each eligible participant’s account based on the participant’s account balance as of the last day of the preceding year. The interest credit rate is established annually and is based on the interest rate of certain low-risk debt instruments. The interest credit rate was 3.04 percent for 2015 . In accordance with the annual update process, the interest credit rate will be 3.03 percent for 2016 . In connection with actions taken under our announced restructuring programs, the number of employees accumulating benefits under our pension plan in the United States continues to decline. Participants in our U.S. plan have the option of receiving cash lump sum payments when exiting the plan, which a number of participants exiting the plan have elected to receive. Lump sum payments in 2015 , 2014 and 2013 exceeded the service and interest costs associated with those years. As a result, a partial settlement event occurred in those years and, accordingly, we recognized a settlement loss of $1.7 million , $1.1 million and $2.1 million during 2015 , 2014 and 2013 , respectively. These settlement losses are included in restructuring and other in our Consolidated Statements of Operations. The U.S. pension plan permits four payment options: a lump-sum option, a life income option, a survivor option or a period certain option. During the year ended December 31, 2015, the Company recorded a pension curtailment gain of $1.5 million related to its pension plan in Japan. The pension plan in Japan was terminated as of December 31, 2015 and due to this termination, all assets associated with the plan which remain after paying out all benefits were classified as a current asset on the Consolidated Balance Sheet as of December 31, 2015, as the assets will be remitted back to the Company in 2016. We maintained a defined benefit pension plan located in the United Kingdom (UK Plan) for former employees with no current employees in the plan. During the third quarter of 2013 we settled our UK Plan by way of a transaction with Pension Insurance Corporation (PIC) whereby PIC fully assumed the projected benefit obligation and underlying plan assets. The net balance assumed by PIC represented an asset balance of $6.4 million and no cash consideration took place between Imation and PIC associated with this transaction for the initial settlement. As a result of this transaction, we removed this net asset and related unrecognized net actuarial loss in other comprehensive loss and recorded a loss of $10.6 million in restructuring and other in our Consolidated Statements of Operations during the year ended December 31, 2013. Additionally, the settlement of the UK Plan resulted in the removal of a deferred tax liability related to the plan resulting in a $2.3 million credit to income tax expense for the year ended December 31, 2013. It is a standard practice in the United Kingdom (UK) for a review process by the UK government, entailing a review of the plan obligations and participant data, to occur upon a transaction such as this one involving a transfer of a pension plan. The regulatory review was finalized in 2014 and as result of the findings, we recorded a true-up of $0.5 million of additional loss in restructuring and other in our Consolidated Statements of Operations for the year ended December 31, 2014. The benefit obligations and plan assets, changes to the benefit obligations and plan assets, and the funded status of the defined benefit pension plans were as follows: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Change in benefit obligation Benefit obligation, beginning of year $ 78.8 $ 78.5 $ 33.2 $ 31.4 Service cost — — 0.2 0.3 Interest cost 3.0 3.3 0.5 0.9 Actuarial (gain) loss (0.8 ) 4.4 (2.7 ) 6.5 Benefits paid (2.2 ) (1.8 ) (4.9 ) (1.6 ) Settlement payments (6.0 ) (5.6 ) — — Curtailments — — (0.6 ) — Foreign exchange rate changes — — (2.9 ) (4.3 ) Projected benefit obligation, end of year $ 72.8 $ 78.8 $ 22.8 $ 33.2 Change in plan assets Fair value of plan assets, beginning of year $ 67.5 $ 71.0 $ 23.6 $ 26.1 Actual return on plan assets (0.8 ) 2.5 1.1 1.6 Foreign exchange rate changes — — (1.8 ) (3.2 ) Company contributions 0.6 1.4 0.6 0.7 Benefits paid (2.2 ) (1.8 ) (4.9 ) (1.6 ) Settlement payments (6.0 ) (5.6 ) — — Fair value of plan assets, end of year 59.1 67.5 18.6 23.6 Funded status of the plan, end of year $ (13.7 ) $ (11.3 ) $ (4.2 ) $ (9.6 ) Amounts recognized in our Consolidated Balance Sheets consisted of the following: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Current assets $ — $ — $ 2.8 $ — Noncurrent assets — — — 1.6 Noncurrent liabilities (13.7 ) (11.3 ) (7.0 ) (11.2 ) Accumulated other comprehensive loss — pre-tax 20.3 19.0 7.3 10.4 Pre-tax amounts recognized in accumulated other comprehensive loss consisted of the following: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Net actuarial loss $ 20.3 $ 19.0 $ 7.3 $ 12.1 Prior service credit — — — (2.2 ) Transition asset obligation — — — 0.5 Total $ 20.3 $ 19.0 $ 7.3 $ 10.4 The following table includes information for pension plans with an accumulated benefit obligation in excess of plan assets. The balances presented as of December 31, 2015 and 2014 exclude our Japan plan which had plan assets in excess of accumulated benefit obligation for both years. United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Projected benefit obligation, end of year $ 72.8 $ 78.8 $ 22.8 $ 28.7 Accumulated benefit obligation, end of year 72.8 78.8 22.8 28.7 Plan assets at fair value, end of year 59.1 67.5 15.8 17.6 Components of net periodic pension cost included the following: United States International Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ — $ — $ — $ 0.2 $ 0.3 $ 0.5 Interest cost 3.0 3.3 3.3 0.5 0.9 2.0 Expected return on plan assets (4.1 ) (4.8 ) (5.1 ) (0.7 ) (0.8 ) (2.5 ) Amortization of net actuarial loss 1.2 1.1 1.9 0.3 0.2 0.5 Amortization of prior service credit — — — (0.2 ) (0.3 ) (0.4 ) Amortization of transition obligation — — — 0.1 0.1 0.3 Net periodic pension cost (credit) 0.1 (0.4 ) 0.1 0.2 0.4 0.4 Settlements and curtailments 1.7 1.1 2.1 (1.5 ) (0.9 ) — Total pension cost $ 1.8 $ 0.7 $ 2.2 $ (1.3 ) $ (0.5 ) $ 0.4 Total pension cost for each of our international plans individually ranged from less than $0.1 million to $0.3 million in 2015 , $0.1 million to $0.4 million in 2014 and $0.1 million to $0.5 million in 2013 . Total pension credit ranged from less than $0.1 million to $1.5 million during each of 2015 , 2014 and 2013 . The estimated net actuarial loss, prior service credit and net obligations at transition for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit costs in 2016 are a $1.4 million loss, $0.2 million credit and $0.1 million obligation, respectively. Assumptions used to determine benefit obligations were as follows (international assumptions are a weighted average of all of our international plans): United States International As of December 31, As of December 31, 2015 2014 2015 2014 Discount rate 4.25 % 4.00 % 2.40 % 1.89 % Rate of compensation increase — % — % 3.00 % 2.92 % Assumptions used to determine net periodic benefit costs were as follows (international assumptions are a weighted average of all of our international plans): United States International As of December 31, As of December 31, 2015 2014 2013 2015 2014 2013 Discount rate 4.00 % 4.25 % 4.00 % 1.90 % 3.27 % 2.70 % Expected return on plan assets 6.50 % 7.75 % 7.75 % 3.49 % 3.35 % 4.53 % Rate of compensation increase — % — % — % 2.00 % 2.86 % 2.00 % The discount rate for the U.S. plan is determined through a modeling process utilizing a customized portfolio of high-quality bonds whose annual cash flows cover the expected benefit payments of the plan, as well as comparing the results of our modeling to other corporate bond and pension liability indices. Appropriate benchmarks are used to determine the discount rate for the international plans. The expected long-term rate of return on assets assumption is derived from a study that includes a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested to provide for the pension plan benefits. While the study gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term, prospective rate. The expected long-term rate of return on assets assumption for the international plans reflects the investment allocation and expected total portfolio returns specific to each plan and country. Beginning in 2011, the projected salary increase assumption was not applicable for the U.S. plan due to the elimination of benefit accruals as of January 1, 2011. The mortality table for the U.S. plan used the "RP 2014 Mortality Tables" for December 31, 2015. The plans' asset allocations by asset category were as follows: United States International As of December 31, As of December 31, 2015 2014 2015 2014 Short-term investments — % 1 % 1 % 1 % Fixed income securities 54 % 23 % 14 % 24 % Equity securities 45 % 57 % — % — % Absolute return strategy equity funds 1 % 19 % — % — % Insurance contracts — % — % 85 % 75 % Total 100 % 100 % 100 % 100 % For the U.S. plan, we maintain target allocation percentages among various asset classes based on an investment policy established for the plan, which is designed to achieve long-term objectives of return, while mitigating against downside risk and considering expected cash flows. The current target asset allocation includes equity securities at 20 to 50 percent , fixed income securities at 45 to 75 percent and other investments at 0 to 5 percent . Other investments include short-term investments and absolute return strategy funds which are investments designed to achieve a certain return. Management reviews our U.S. investment policy for the plan at least annually. Outside the U.S., the investment objectives are similar to the U.S., subject to local regulations. In some countries, a higher percentage allocation to fixed income securities is required. As of December 31, 2015 , the following reflects estimated future benefit payments in each of the next five years and in the aggregate for the five years thereafter: United States International (In millions) 2016 $15.9 $0.9 2017 4.2 1.0 2018 4.3 1.0 2019 4.4 1.0 2020 5.1 1.0 2021-2025 22.7 5.4 The assets in our defined benefit pension plans are measured at fair value on a recurring basis (at least annually). A three-level hierarchy is used for fair value measurements based upon the observability of the inputs to the valuation of an asset or liability as of the measurement date. Following is a description of the valuation methodologies used for assets measured at fair value. Short-term investments. The carrying value of these assets approximates fair value because maturities are generally less than three months. Accordingly, these investments are classified as Level 1 financial instruments. Mutual funds. Investments in mutual funds are valued using the net asset value (NAV) of shares held as of December 31st. The NAV is a quoted transactional price for participants in the fund which do not represent an active market. In relation to these investments, there are no unfunded commitments and the shares can be redeemed on a daily basis with minimal restrictions. Events that may lead to a restriction to transact with the funds are not considered probable. These investments are generally classified as Level 1 financial instruments, however for certain mutual funds, the NAV is not published, and accordingly, these investments are classified as Level 2 financial instruments. The investment objective of our mutual funds in the U.S. Plan is to provide capital appreciation through an investment strategy that allocates its assets among limited liability companies and/or separate investment accounts or to invest in large cap equity funds focusing on high quality yields through short maturity investments in spread sectors depending on the fund. Common stocks. Investments in common stock are valued at the closing price reported on major markets on which the individual securities are traded. Accordingly, these investments are classified as Level 1 financial instruments. Comingled trust funds. These assets are valued using the NAV of shares as of December 31st. The NAV is a quoted transactional price for participants in the fund which do not represent an active market. In relation to these investments, there are no unfunded commitments and the shares can be redeemed on a daily basis with minimal restrictions. Events that may lead to a restriction to transact with the funds are not considered probable. These investments are classified as Level 2 financial instruments. The Fund’s investment objective is to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Insurance contracts . These assets are valued using quoted prices for similar assets. Accordingly, these investments are classified as Level 2 financial instruments. These methods may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different value measurement. Investments, in general, are subject to various risks, including credit, interest and overall market volatility risks. There were no transfers into or out of Level 1 or Level 2 during the years ended December 31, 2015 or December 31, 2014 . The fair value of the plan assets by asset category were as follows: United States December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Mutual Funds Equity securities Large-cap growth funds 10.2 — 10.2 — International growth fund 7.5 4.6 2.9 — Fixed income securities 0.8 0.8 — — Absolute return strategy funds 0.7 — 0.7 — Common stocks 3.2 3.2 — — Commingled trust funds 36.7 — 36.7 — Total $ 59.1 $ 8.6 $ 50.5 $ — International December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Other $ 0.1 $ — $ 0.1 $ — Commingled trust funds 2.7 — 2.7 — Insurance contracts 15.8 — 15.8 — Total $ 18.6 $ — $ 18.6 $ — United States December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Money market securities $ 0.4 $ 0.4 $ — $ — Mutual Funds Equity securities Large-cap growth funds 14.6 — 14.6 — International growth fund 10.8 7.3 3.5 — Fixed income securities 15.5 15.5 — — Absolute return strategy funds 13.2 — 13.2 — Common stocks 7.3 7.3 — — Commingled trust funds 5.7 — 5.7 — Total $ 67.5 $ 30.5 $ 37.0 $ — International December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Other $ 0.3 $ — $ 0.3 $ — Mutual Funds Fixed income securities 5.7 — 5.7 — Insurance contracts 17.6 — 17.6 — Total $ 23.6 $ — $ 23.6 $ — Employee Retirement Savings Plans Effective January 1, 2011, our matching formula under our 401(k) retirement plan is 100 percent of employee contributions up to the first five percent of eligible compensation. We used shares of treasury stock to match employee 401(k) contributions for 2014 and 2013 . Starting on January 1, 2015, we matched contributions in cash. Total expense related to 401(k) cash contributions was $1.4 million in 2015. Total expense related to the use of shares of treasury stock to match employee 401(k) contributions was $1.8 million and $1.7 million in 2014 and 2013 , respectively. Starting on January 1, 2016, the Company will no longer make 401(k) matching contributions to the 401(k) retirement plan. We also sponsor a variable compensation program in which we may, at our discretion, contribute up to three percent of eligible employee compensation to employees’ 401(k) retirement accounts, depending upon total Company performance. We use shares of treasury stock for this contribution. A contribution of $0.9 million was made under the variable compensation program during the year ended December 31, 2015 for 2014 . A contribution of $0.4 million was made under the variable contribution program during the year ended December 31, 2014 for 2013. No contribution was made under the variable compensation program during the year ended December 31, 2013 for 2012. Starting on January 1, 2016, the Company will no longer make variable compensation contributions to employees' 401(k) retirement accounts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of loss from continuing operations before income taxes were as follows: Years Ended December 31, 2015 2014 2013 (In millions) U.S. $ (147.6 ) $ (95.3 ) $ (25.2 ) International (33.9 ) (14.0 ) 2.2 Total $ (181.5 ) $ (109.3 ) $ (23.0 ) The components of the income tax provision from continuing operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Current Federal $ 0.1 $ 0.5 $ (0.7 ) State (0.4 ) (0.5 ) — International 0.5 (0.1 ) 5.9 Deferred Federal (0.3 ) 1.7 — State — — — International 12.6 1.5 (3.8 ) Total $ 12.5 $ 3.1 $ 1.4 The income tax provision from continuing operations differs from the amount computed by applying the statutory United States income tax rate ( 35 percent ) because of the following items: Years Ended December 31, 2015 2014 2013 (In millions) Tax at statutory U.S. tax rate $ (63.5 ) $ (38.3 ) $ (8.1 ) State income taxes, net of federal benefit (4.6 ) (3.2 ) (0.2 ) Net effect of international operations 6.6 1.1 3.1 Settlement of UK pension plan — — (2.3 ) Valuation allowances 66.2 22.9 (3.2 ) Tax on unremitted earnings of foreign subsidiaries (6.3 ) 15.9 — U.S. tax on foreign earnings 1.1 4.7 6.2 Stock-based compensation 1.2 2.1 3.1 Uncertain tax positions (0.3 ) (1.2 ) 2.2 Goodwill impairment 10.8 10.7 — Capital losses — (11.4 ) — Other 1.3 (0.2 ) 0.6 Income tax provision $ 12.5 $ 3.1 $ 1.4 Our 2015 tax provision of $12.5 million was significantly impacted by tax expense related to the recording of $12.6 million of valuation allowances on deferred tax assets associated with operations outside the United States. Our 2014 tax provision of $3.1 million primarily represents tax expense related to operations outside the United States and tax expense recorded for the liability on unremitted foreign earnings of $1.7 million . In 2015 , 2014 and 2013 the net cash paid for income taxes, relating to both continuing and discontinued operations, was $1.9 million , $4.7 million and $4.6 million , respectively. Tax laws require certain items to be included in our tax returns at different times than the items are reflected in our results of operations. Some of these items are temporary differences that will reverse over time. We record the tax effect of temporary differences as deferred tax assets and deferred tax liabilities in our Consolidated Balance Sheets. The components of net deferred tax assets and liabilities were as follows: As of December 31, 2015 2014 (In millions) Accounts receivable allowances $ 2.1 $ 1.6 Inventories 4.0 7.6 Compensation and employee benefits 5.6 6.6 Tax credit carryforwards 30.0 33.9 Net operating loss carryforwards 205.7 149.4 Accrued liabilities and other reserves 3.9 7.0 Pension 7.7 9.0 Property, plant and equipment 9.7 10.2 Intangible assets, net 49.2 49.6 Capital losses 14.1 11.5 Other, net 1.5 0.7 Total deferred tax assets 333.5 287.1 Valuation allowance (325.3 ) (262.4 ) Net deferred tax assets 8.2 24.7 Unremitted earnings of foreign subsidiaries (9.4 ) (15.7 ) Total deferred tax liabilities (9.4 ) (15.7 ) Net deferred tax assets (liabilities) $ (1.2 ) $ 9.0 We regularly assess the likelihood that our deferred tax assets will be recovered in the future. A valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered to be more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. Our accounting for deferred tax consequences represents our best estimate of future events. A valuation allowance established or revised as a result of our assessment is recorded through income tax provision (benefit) in our Consolidated Statements of Operations. Changes in our current estimates due to unanticipated events, or other factors, could have a material effect on our financial condition and results of operations. We maintain a valuation allowance related to our U.S. deferred tax assets and the majority of our foreign deferred tax assets. The valuation allowance was $325.3 million and $262.4 million as of December 31, 2015 and 2014 , respectively. The valuation allowance change in 2015 compared to 2014 was due primarily to operating losses and the recording of valuation allowances on deferred tax assets from operations outside the United States. In the third and fourth quarters of 2015, the Company initiated actions to wind down operations of the Company's legacy Storage Media and Accessories segment. The Company determined that it is no longer more likely than not that the foreign entities will be able to utilize their deferred tax assets. The valuation allowance change in 2014 compared to 2013 was primarily due to operating losses. In November 2015, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This determination is still required to be performed at a jurisdiction-by-jurisdiction basis. This accounting guidance is effective for Imation beginning in the first quarter of 2017, but we have elected to adopt this guidance prospectively as of December 31, 2015. As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at December 31, 2015. Amounts on the December 31, 2014 Consolidated Balance Sheet were not retrospectively adjusted. The table below shows the components of our deferred tax balances as they are recorded on our Consolidated Balance Sheets: As of December 31 2015 2014 (In millions) Deferred tax asset - current — 3.2 Deferred tax asset - non-current — 8.1 Deferred tax liability - current — — Deferred tax liability - non-current (1.2 ) (2.3 ) Total $ (1.2 ) $ 9.0 Federal net operating loss carryforwards totaling $467.1 million will begin expiring in 2026. This figure includes $27.9 million of federal net operating loss carryforwards, subject to Internal Revenue Code section 382. We have state income tax loss carryforwards of $459.2 million , $1.1 million of which will expire between 2016 and 2018 and the remaining will expire at various dates up to 2035. We have U.S. and foreign tax credit carryforwards of $30.0 million , $5.3 million of which will expire between 2016 and 2018, $22.3 million of which will expire between 2019 and 2032 and $2.4 million may be carried forward indefinitely. Federal capital losses of $36.7 million will expire between 2018 and 2020. Of the aggregate foreign net operating loss carryforwards totaling $76.9 million , $0.5 million will expire between 2016 and 2018, $33.1 million will expire at various dates up to 2025 and $43.3 million may be carried forward indefinitely. During the fourth quarter of 2014, the Company changed its assertion related to the permanent reinvestment of foreign unremitted earnings due to its reassessment of possible future cash needs associated with the continued execution of its strategic transformation. Accordingly, the permanent reinvestment assertion of foreign unremitted earnings was removed and a deferred tax liability was recorded for the estimated impact of future repatriation of the unremitted foreign earnings. The deferred tax liability as of December 31, 2015 is $9.4 million . Net operating losses fully offset $8.2 million of this liability, and the remaining $1.2 million liability is related to foreign tax withholding, assuming such repatriation were to occur. Our income tax returns are subject to review by various U.S. and foreign taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 (In Millions) Beginning Balance $ 2.1 $ 5.3 $ 4.4 Additions: Additions for tax positions of current years 0.3 0.3 0.3 Additions for tax positions of prior years — 0.1 1.1 Reductions: Reductions for tax positions of prior years — (1.9 ) (0.4 ) Settlements with taxing authorities — (1.3 ) — Reductions due to lapse of statute of limitations (0.7 ) (0.4 ) (0.1 ) Total 1.7 2.1 5.3 The total amount of unrecognized tax benefits, which excludes accrued interest and penalties described below, as of December 31, 2015 was $1.7 million . If the unrecognized tax benefits remaining at December 31, 2015 were recognized in our consolidated financial statements, $1.5 million would ultimately affect income tax expense and our related effective tax rate. It is reasonably possible that the amount of the unrecognized tax benefits could increase or decrease significantly during the next twelve months; however, it is not possible to reasonably estimate the effect on the unrecognized tax benefit at this time. Interest and penalties recorded for uncertain tax positions are included in our income tax provision. During the years ended December 31, 2015 , 2014 and 2013 , we recognized approximately $0.1 million benefit, $0.4 million expense and $0.8 million expense, respectively, in interest and penalties. We had approximately $0.1 million , $0.2 million and $1.1 million accrued, excluding the tax benefit of deductible interest, for the payment of interest and penalties at December 31, 2015 , 2014 and 2013 , respectively. The reversal of accrued interest and penalties would affect income tax expense and our related effective tax rate. Our federal income tax returns for 2012 through 2014 are subject to examination by the Internal Revenue Service (IRS). We currently have foreign tax audits underway in various jurisdictions. Based on available information, the uncertain tax position associated with these foreign audits have been assessed and included in our income tax provision. For state and foreign tax purposes, the statutes of limitation vary by jurisdiction. With few exceptions, we are no longer subject to examination by foreign tax jurisdictions or state and local tax jurisdictions for years before 2009. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2015 Debt As of December 31, 2015, we had short-term borrowings of $0.2 million on credit lines. The decrease in outstanding debt from December 31, 2014 is due to the termination of the Company's credit agreements with various banks in the United States, Europe and Japan. On October 30, 2015, the Company terminated its Japan Credit Agreement entered into on July 16, 2013. At the time of termination, the Company paid down its short-term borrowings of $7.6 million . Additionally, capitalized costs for the credit facility of $0.1 million were charged to interest expense. The Company incurred an early termination penalty less than $0.1 million in connection with the termination. On November 25, 2015, the Company terminated its Amended Credit Agreement entered into on May 18, 2012. At the time of termination, the Company paid down its short-term borrowings of $10.4 million . Additionally, capitalized costs for the credit facility of $1.1 million were charged to interest expense. No early termination penalty was incurred by the Company in connection with the termination. 2014 Debt As of December 31, 2014, we had short-term borrowings of $18.9 million . The borrowings in 2014 were primarily from our credit agreements with various banks in the United States, Europe, and Japan. As of December 31, 2014 we had a 600 million Japanese Yen, or approximately $5.0 million overdraft line of credit available in Japan. As of December 31, 2014, we had outstanding borrowings under this overdraft line of 300 million Japanese Yen or approximately $2.5 million . Other outstanding borrowings on lines of credit lines were $0.5 million for December 31, 2014. Interest Expense Our interest expense, which includes letter of credit fees, facility fees, commitment fees, amortization of debt issuance costs and write-offs of debt issuance costs, for 2015 , 2014 and 2013 was $3.3 million , $2.6 million and $2.5 million , respectively. Cash paid for interest for 2015 , 2014 and 2013 , relating to both continuing and discontinued operations, was $1.2 million , $1.8 million and $1.7 million , respectively. During 2015 and 2014 we did no t capitalize any debt issuance costs. We did not have any capitalized debt costs on our Consolidated Balance Sheet as of December 31, 2015. In prior years, capitalized debt issue costs are recorded to Other assets in our Consolidated Balance Sheets and are being amortized over the term of the credit agreements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or the exit price in an orderly transaction between market participants on the measurement date. A three-level hierarchy is used for fair value measurements based upon the observability of the inputs to the valuation of an asset or liability as of the measurement date. Level 1 measurements consist of unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 measurements include quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 measurements include significant unobservable inputs. A financial instrument's level within the hierarchy is based on the highest level of any input that is significant to the fair value measurement. Following is a description of our valuation methodologies used to estimate the fair value for our assets and liabilities. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis The Company's non-financial assets such as goodwill, intangible assets and property, plant and equipment are recorded at fair value when an impairment is recognized or at the time acquired in a business combination. As discussed in Note 6 - Intangible Assets and Goodwill and Note 7 - Restructuring and Other Expense , during 2015 and 2014 , we recorded impairment charges associated with goodwill, intangible assets or property, plant and equipment and reduced the carrying amount of such assets subject to the impairment to their estimated fair value. Additionally, as discussed in Note 4 - Acquisitions, the Company acquired Connected Data, Inc. during 2015 and recorded the acquired assets and liabilities, including goodwill, intangible assets and property, plant and equipment at their estimated fair value. The determination of the estimated fair value of such assets required the use of significant unobservable inputs which would be considered Level 3 fair value measurements. Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The Company measures certain assets and liabilities at their estimated fair value on a recurring basis, including cash and cash equivalents, derivative instruments and our contingent consideration obligations associated with the acquisition of CDI. The following table provides information by level for assets and liabilities that are measured at fair value on a recurring basis for year ended December 31, 2015 : Description December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Assets: Trading securities $ 1.0 $ 1.0 $ — $ — Warrants 0.4 — — 0.4 Liabilities: Contingent consideration associated with CDI acquisition 0.8 — 0.8 — There was no activity to report for the year ended December 31, 2014 . Trading Securities On August 13, 2015 the Company entered into an agreement to sell its RDX™ Storage product line, including $1.5 million of associated inventory, to Sphere 3D for approximately 1.5 million shares of Sphere 3D common stock and a warrant exercisable into up to an additional 250,000 shares (at a $0.01 exercise price per share) of Sphere 3D common stock. The Company recognized a gain of $4.5 million within "Restructuring and other" upon the closing of this transaction. For the year ended December 31, 2015 the Company recorded a $0.5 million loss on the value Sphere 3D shares held. The loss was recorded in other (income) expense in the Consolidated Statement of Operations as the investments are classified as trading securities under applicable accounting criteria. The Company sold 1.2 million shares of Sphere 3D common stock during the fourth quarter of 2015 for $2.7 million in proceeds. The estimated fair value of the remaining shares held is $0.5 million and is included in other current assets in our Consolidated Balance Sheet as of December 31, 2015. The estimated fair value of the warrants exercisable into shares of Sphere 3D stock was $0.4 million as of December 31, 2015 and is included in other current assets. On Februar y 22, 2016 the Company exercised the aforementioned warrant into 250,000 shares of Sphere 3D common stock. Derivative Financial Instruments We maintain a foreign currency exposure management policy that allows the use of derivative instruments, principally foreign currency forward, option contracts and option combination strategies to manage risks associated with foreign exchange rate volatility. Generally, these contracts are entered into to fix the U.S. dollar amount of the eventual cash flows. The derivative instruments range in duration at inception from between one to 16 months . The fair value of our derivative instruments is determined based on inputs that are observable in the public market, but are other than publicly quoted prices (Level 2). We are exposed to the risk of nonperformance by our counter-parties, but we do not anticipate nonperformance by any of these counter-parties. We actively monitor our exposure to credit risk through the use of credit approvals and credit limits and by using major international banks and financial institutions as counter-parties. Cash Flow Hedges. We attempt to substantially mitigate the risk that forecasted cash flows denominated in foreign currencies may be adversely affected by changes in the currency exchange rates through the use of option, forward and combination option contracts. The degree of our hedging can fluctuate based on management judgment and forecasted projections. We formally document all relationships between hedging instruments and hedged items, as well as our risk management objective and strategy for undertaking the hedged items. This process includes linking all derivatives to forecasted transactions. We formally assess, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in the cash flows of hedged items. We did not have any contracts outstanding as of December 31, 2015. At December 31, 2014 , our contracts had durations of 12 months or less. The fair value of the 2014 contracts is recorded in other current assets and other current liabilities on our Consolidated Balance Sheets. Gains and losses related to cash flow hedges are deferred in accumulated other comprehensive loss with a corresponding asset or liability. When the hedged transaction occurs, the gains and losses in accumulated other comprehensive loss are reclassified into our Consolidated Statements of Operations in the same line as the item being hedged. If at any time it is determined that a derivative is ineffective, we discontinue hedge accounting prospectively, with the ineffective portion of a derivative's change in fair value being recognized in current period operations. During the year ended December 31, 2015, we deemed certain cash flow hedges as ineffective due to the wind down of our legacy business. As such, we discontinued hedge accounting and recorded a gain of $1.7 million to other expense in our Consolidated Statement of Operations for the year ended December 31, 2015. The following table sets forth our cash flow hedges which are measured at fair value on a recurring basis. December 31, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Derivative assets Foreign currency option contracts $ — $ — $ — $ — $ — $ — Foreign currency forward contracts — — — — 7.3 — Derivative liabilities Foreign currency option contracts — — — — — — Foreign currency forward contracts — — — — — — Total $ — $ — $ — $ — $ 7.3 $ — Other Derivative Instruments. We used foreign currency forward contracts to manage the foreign currency exposure related to our monetary assets and liabilities denominated in foreign currencies. We record the estimated fair value of these forward contracts within other current assets or other current liabilities on our Consolidated Balance Sheets and because we do not receive hedge accounting for these derivatives, changes in their value are recognized every reporting period in our Consolidated Statements of Operations. For 2015 , 2014 and 2013 we recorded foreign currency gains of $0.9 million , losses of $2.2 million , and gains of $0.5 million , respectively, in other expenses, net in our Consolidated Statements of Operations. These results reflect changes in foreign exchange rates on foreign denominated assets and liabilities and are net of losses of $0.3 million , losses of $0.8 million and gain of $1.7 million , from the related foreign currency forward contracts for 2015 , 2014 and 2013 , respectively. The notional amounts and fair values of our derivative instruments recorded in other current assets and other current liabilities in our Consolidated Financial Statements were as follows: December 31, 2015 December 31, 2014 Fair Value Fair Value Notional Amount Other Current Assets Other Current Liabilities Notional Amount Other Current Assets Other Current Liabilities (In millions) Cash flow hedges designated as hedging instruments $ — $ — $ — $ 86.7 $ 7.3 $ — Other hedges not receiving hedge accounting — — — 23.4 — — Total $ — $ — $ — $ 110.1 $ 7.3 $ — Other Assets and Liabilities The carrying value of accounts receivable and accounts payable approximate their fair values due to the short-term duration of these items. Additionally, our borrowings of $0.2 million of outstanding debt at December 31, 2015 , as further described in Note 11 - Debt , approximates fair value due to the short nature of this debt. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Treasury Stock On May 2, 2012, our Board of Directors authorized a share repurchase program that allowed for the repurchase of 5.0 million shares of common stock. Since the inception of this authorization, we have repurchased 3.0 million shares of common stock for $13.3 million and, as of December 31, 2015 , we had authorization to repurchase up to 2.0 million additional shares. During the year ended December 31, 2015, the Company purchased 0.4 million of treasury shares for $1.7 million . The treasury stock held as of December 31, 2015 was acquired at an average price of $3.84 per share. The following is a summary of treasury share activity: Treasury Shares Balance as of December 31, 2012 1,563,321 Purchases 616,581 Restricted stock grants and other (622,241 ) 401(k) matching contribution (435,735 ) Balance as of December 31, 2013 1,121,926 Purchases 760,268 Exercise of stock options (87,569 ) Restricted stock grants and other (739,408 ) 401(k) matching contribution (427,421 ) Balance as of December 31, 2014 627,796 Purchases 382,448 Exercise of stock options (12,656 ) Restricted stock grants and other (513,878 ) Shares received in TDK transaction (Note 16) 6,675,764 Balance as of December 31, 2015 7,159,474 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss and related activity consisted of the following: Gains (Losses) on Derivative Financial Instruments Defined Benefit Plans Foreign Currency Translation Total (In millions) Balance as of December 31, 2014 $ 5.1 $ (20.6 ) $ (69.3 ) $ (84.8 ) Other comprehensive (loss) income before reclassifications, net of tax (1) (1.4 ) (1.5 ) (7.5 ) (10.4 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (3.7 ) 2.0 0.8 (0.9 ) Net current period other comprehensive income (loss) (5.1 ) 0.5 (6.7 ) (11.3 ) Balance as of December 31, 2015 $ — $ (20.1 ) $ (76.0 ) $ (96.1 ) (1) Income tax benefit of $0.8 million was recorded for unrealized gains on derivative financial instruments and no income tax expense was recorded for liability adjustments for defined benefit plans for the year ended December 31, 2015 . In 2015, the Company adopted a comprehensive restructuring plan pursuant to which it will wind down all sales and operations of its legacy business in an accelerated manner and further reduce and rationalize its corporate overhead. See Note 7 - Restructuring and Other Expense for further information on the Company's Restructuring Plan. U.S. GAAP requires accumulated foreign currency translation balances to be reclassified into the Consolidated Statement of Operations once the liquidation of the net assets of a foreign entity is complete. We reclassified $0.8 million of foreign currency translation losses to other expense in the Consolidated Statement of Operations for the year ended December 31, 2015. As of December 31, 2015, the Company had $76.0 million remaining of accumulated foreign currency translation losses in other comprehensive loss for which significant balances could be reclassified into the Consolidated Statement of Operations in the future. Details of amounts reclassified from Accumulated other comprehensive loss and the line item in our Consolidated Statement of Operations for the year ended December 31, 2015 are as follows: Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Loss is Presented (In millions) (Gains) losses on cash flow hedges $ (5.6 ) Cost of goods sold Income tax expense 1.9 Income tax (benefit) provision Net (gains) losses on cash flow hedges (3.7 ) Amortization of net actuarial loss 1.7 Selling, general and administrative Pension settlement loss (0.2 ) Restructuring and other Income tax expense 0.5 Income tax (benefit) provision Net pension adjustments, net of tax 2.0 Foreign currency translation 0.8 Other (income) expense Total reclassifications for the period $ (0.9 ) Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries. Reclassification adjustments are made to avoid double counting in comprehensive loss items that are also recorded as part of net loss and are presented net of taxes in the Consolidated Statements of Comprehensive Loss. 382 Rights Agreement On August 6, 2015, the Board of Directors adopted a rights plan intended to avoid an “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended (the Code), and thereby preserve the current ability of the Company to utilize certain net operating loss carryovers and other tax benefits of the Company and its subsidiaries (the Tax Benefits). If the Company experiences an “ownership change,” as defined in Section 382 of Code, the Company’s ability to fully utilize the Tax Benefits on an annual basis will be substantially limited, and the timing of the usage of the Tax Benefits and such other benefits could be substantially delayed, which could therefore significantly impair the value of those assets. The rights plan is intended to act as a deterrent to any person or group acquiring “beneficial ownership” of 4.9% or more of the Company’s outstanding shares of common stock, without the approval of the Board. The description and terms of the Rights (as defined below) applicable to the rights plan are set forth in the 382 Rights Agreement, dated as of August 7, 2015 (the Rights Agreement), by and between the Company and Wells Fargo Bank, N.A., as Rights Agent. As part of the Rights Agreement, the Board authorized and declared a dividend distribution of one right (a Right) for each outstanding share of the Company’s common stock, to stockholders of record at the close of business on September 10, 2015. Each Right entitles the holder to purchase from the Company a unit consisting of one one-hundredth of a share (a Unit) of Series A Participating Preferred Stock, par value $0.01 per share, of the Company (the Preferred Stock) at a purchase price of $15.00 per Unit, subject to adjustment (the Purchase Price). Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company, including the right to vote or to receive dividends in respect of Rights. Under the Rights Agreement, an Acquiring Person is any person or group of affiliated or associated persons (a Person) who is or becomes the beneficial owner of 4.9% or more of the outstanding shares of the Company’s common stock other than as a result of repurchases of stock by the Company, dividends or distribution by the Company, stock issued under certain benefit plans or certain inadvertent actions by stockholders. For purposes of calculating percentage ownership under the Rights Agreement, outstanding shares of the Company’s common stock include all of the shares of common stock actually issued and outstanding. Beneficial ownership is determined as provided in the Rights Agreement and generally includes, without limitation, any ownership of securities a Person would be deemed to actually or constructively own for purposes of Section 382 of the Code or the Treasury Regulations promulgated thereunder. The Rights Agreement provides that the following shall not be deemed an Acquiring Person for purposes of the Rights Agreement: (i) the Company or any subsidiary of the Company and any employee benefit plan of the Company, or of any subsidiary of the Company, or any Person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan or (ii) any Person that, as of August 7, 2015, is the beneficial owner of 4.9% or more of the shares of Common Stock outstanding (such Person, an Existing Holder) unless and until such Existing Holder acquires beneficial ownership of additional shares of common stock (other than pursuant to a dividend or distribution paid or made by the Company on the outstanding shares of common stock or pursuant to a split or subdivision of the outstanding shares of common stock) in an amount in excess of 0.5% of the outstanding shares of common stock. The Rights Agreement provides that a Person shall not become an Acquiring Person for purpose of the Rights Agreement in a transaction that the Board determines is exempt from the Rights Agreement, which determination shall be made in the sole and absolute discretion of the Board, upon request by any Person prior to the date upon which such Person would otherwise become an Acquiring Person, including, without limitation, if the Board determines that (i) neither the beneficial ownership of shares of common stock by such Person, directly or indirectly, as a result of such transaction nor any other aspect of such transaction would jeopardize or endanger the availability to the Company of the Tax Benefits or (ii) such transaction is otherwise in the best interests of the Company. Initially, the Rights will not be exercisable and will be attached to all common stock representing shares then outstanding, and no separate Rights certificates will be distributed. Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the common stock and become exercisable and a distribution date (a Distribution Date) will occur upon the earlier of (i) 10 business days (or such later date as the Board shall determine) following a public announcement that a Person has become an Acquiring Person or (ii) 10 business days (or such later date as the Board shall determine) following the commencement of a tender offer, exchange offer or other transaction that, upon consummation thereof, would result in a Person becoming an Acquiring Person. Until the Distribution Date, common stock held in book-entry form, or in the case of certificated shares, common stock certificates, will evidence the Rights and will contain a notation to that effect. Any transfer of shares of common stock prior to the Distribution Date will constitute a transfer of the associated Rights. After the Distribution Date, the Rights may be transferred on the books and records of the Rights Agent as provided in the Rights Agreement. If on or after the Distribution Date, a Person is or becomes an Acquiring Person, each holder of a Right, other than certain Rights including those beneficially owned by the Acquiring Person (which will have become void), will have the right to receive upon exercise common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the Purchase Price. In the event that, at any time following the first date of a public announcement that a Person has become an Acquiring Person or that discloses information which reveals the existence of an Acquiring Person or such earlier date as a majority of the Board becomes aware of the existence of an Acquiring Person (any such date, the Stock Acquisition Date), (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation, (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the common stock of the Company is changed or exchanged or (iii) 50% or more of the Company’s assets, cash flow or earning power is sold or transferred, each holder of a Right (except Rights which have previously been voided as set forth above) shall thereafter have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the Purchase Price. At any time following the Stock Acquisition Date and prior to the acquisition by the Acquiring Person of 50% or more of the outstanding common stock, the Board may exchange the Rights (other than Rights owned by such Person which have become void), in whole or in part, for common stock or Preferred Stock at an exchange ratio of one share of common stock, or one one-hundredth of a share of Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and privileges), per Right, subject to adjustment. The Rights and the Rights Agreement will expire on the earliest of (i) 5:00 P.M. New York City time on August 7, 2018, (ii) the time at which the Rights are redeemed or exchanged pursuant to the Rights Agreement, (iii) the date on which the Board determines that the Rights Agreement is no longer necessary for the preservation of material valuable Tax Benefits or is no longer in the best interest of the Company and its stockholders, (iv) the beginning of a taxable year to which the Board determines that no Tax Benefits may be carried forward and (v) the first anniversary of the adoption of the Agreement if stockholder approval has not been received by or on such date. At any time until the earlier of the Distribution Date or the expiration date of the Rights, the Company may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. Immediately upon the action of the Board ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.001 redemption price. |
Business Segment Information an
Business Segment Information and Geographic Data | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information and Geographic Data | Business Segment Information and Geographic Data Beginning in the fourth quarter of 2015, in conjunction with our accelerated wind-down of the Company's legacy business, the Company changed the manner in which it evaluates the operations of the Company and makes decisions around the allocation of resources. The Company operated in three reportable segments as of December 31, 2015: “Nexsan”, “IronKey” and "Storage Media and Accessories." Nexsan is expected to be our go forward business. (See Note 18 - Subsequent Events on the sale of IronKey on February 2, 2016). Storage Media and Accessories (consisting of our Commercial Storage Media, Consumer Storage Media and Audio and Accessories product categories) is collectively referred to as our "legacy business" and is in the process of being wound-down (which is expected to be completed in the first quarter of 2016). Going forward, we will focus on Nexsan business and evaluating other investment opportunities. The segment information for prior periods have been revised to conform to the 2015 reportable segment presentation. We evaluate segment performance based on revenue and operating income (loss). The operating income (loss) reported in our segments excludes corporate and other unallocated amounts. Although such amounts are excluded from the business segment results, they are included in reported consolidated results. The corporate and unallocated operating loss includes costs which are not allocated to the business segments in management’s evaluation of segment performance such as litigation settlement expense, goodwill impairment, intangible impairments, intangible asset abandonment, corporate expense, contingent consideration adjustments, inventory write-offs related to our restructuring programs and restructuring and other expenses. Inventory and accounts receivable write-offs incurred for the year-ended December 31, 2015 of $9.7 million and $5.2 million , respectively have been absorbed by their respective business segments. During the first quarter of 2013, we announced our plans to divest our XtremeMac and Memorex consumer electronics businesses. The operating results for these businesses are presented in our Consolidated Statements of Operations as discontinued operations and are not included in segment results for any periods presented. See Note 4 - Acquisitions and Divestitures for further information. Net revenue and operating income (loss) by segment were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Net Revenue Nexsan $ 62.8 $ 63.5 78.2 IronKey 18.9 20.6 22.4 Storage Media and Accessories 447.5 645.4 760.2 Total Net Revenue $ 529.2 $ 729.5 $ 860.8 Years Ended December 31, 2015 2014 2013 (In millions) Operating Income (Loss) Nexsan $ (25.4 ) $ (34.3 ) $ (14.8 ) IronKey (6.9 ) (10.4 ) (12.5 ) Storage Media and Accessories (2.2 ) 25.7 55.9 Total segment operating income (loss) (34.5 ) (19.0 ) 28.6 Corporate and unallocated (142.8 ) (85.1 ) (48.7 ) Total operating loss (177.3 ) (104.1 ) (20.1 ) Interest income (0.4 ) (0.5 ) (0.2 ) Interest expense 3.3 2.6 2.5 Other expense, net 1.3 3.1 0.6 Loss from continuing operations before income taxes $ (181.5 ) $ (109.3 ) $ (23.0 ) We have not provided specific asset information by segment, as it is not provided to our chief operating decision maker for review at a segment specific level. Corporate and unallocated amounts above include non-cash goodwill impairment charges of $36.1 million and $35.4 million for the years ended December 31, 2015 and 2014, respectively, non-cash intangible asset impairment charges of $37.6 million for the year ended December 31, 2015, restructuring and other costs of $47.9 million , $13.6 million and $11.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and other corporate expenses of $21.2 million and $36.1 million and $39.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The 2013 operating loss also included a $10.6 million loss related to the settlement of our UK pension plan and a $9.8 gain on the sale of land at a previously closed facility and a litigation settlement gain of $2.5 million . The following table presents net revenue by geographical region based on the country in which the revenue originated: Years Ended December 31, 2015 2014 2013 (In millions) Net Revenue United States $ 207.2 $ 253.6 $ 348.1 International 322.0 475.9 512.7 Total $ 529.2 $ 729.5 $ 860.8 The United States and Japan each comprise more than 10 percent of our total net revenue. Net revenue from Japan was 24.0 percent , 23.5 percent and 20.6 percent of total net revenue for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table presents long-lived assets by geographical region: As of December 31, 2015 2014 2013 (In millions) Long-Lived Assets United States $ 3.0 $ 41.6 $ 47.0 International 1.6 3.4 4.6 Total $ 4.6 $ 45.0 $ 51.6 |
Litigation, Commitments and Con
Litigation, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Commitments and Contingencies | Litigation, Commitments and Contingencies Litigation In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. Performance under these indemnities would generally be triggered by a breach of terms of the contract or by a supportable third-party claim. There have historically been no material losses related to such indemnifications. As of December 31, 2015 and 2014 , estimated liability amounts associated with such indemnifications are inconsequential. We are the subject of various pending or threatened legal actions in the ordinary course of our business. All such matters are subject to many uncertainties and outcomes that are not predictable with assurance. Additionally, our businesses are subject to allegations of patent infringement by our competitors as well as by non-practicing entities (NPEs), sometimes referred to as “patent trolls,” who may seek monetary settlements from us, our competitors, suppliers and resellers. Consequently, as of December 31, 2015 , we are unable to reasonably estimate the ultimate aggregate amount of any monetary liability or financial impact that we may incur with respect to these matters. It is reasonably possible that the ultimate resolution of these matters could materially affect our financial condition, results of operations and cash flows. On May 22, 2013, Imation was sued in U.S. District Court for the District of Delaware by five entities: One-Blue, LLC (One-Blue), which is an entity with licensing authority for a pool of patents relating to Blu-ray discs, and four members of One-Blue, Koninklijke Philips N.V., Panasonic Corporation, Pioneer Corporation and Sony Corporation. The plaintiffs alleged that Imation's sales of certain Blu-ray discs infringed six patents and sought unspecified damages, treble damages, and attorney's fees. The parties entered into a Settlement Agreement covering these U.S. patent claims for a nominal amount and, effective November 12, 2015, these claims were dismissed. SpearPoint Capital Fund LP et al. v. Mark E. Lucas, et al. This shareholder derivative action was filed in Delaware Chancery Court on February 9, 2015. It names as defendants the Company and the members of its Board of Directors. Plaintiffs contend that the defendants paid excessive compensation to the directors. They seek damages for breaches of fiduciary duties, waste of corporate assets and unjust enrichment. They also seek corporate governance reforms related to the Company’s compensation practices. The Directors have responded to the complaint denying all the allegations; the Company, as the nominal defendant has responded denying the allegations as well. The parties are now engaged in discovery. Trial, should it be necessary, has been scheduled for June 2016. Operating Leases We incur rent expense under operating leases, which primarily relate to equipment and office space. Most long-term leases include one or more options to renew at the then fair rental value for a period of approximately one to three years. The following table sets forth the components of net rent expense for the years ended December 31: 2015 2014 2013 (In millions) Minimum lease payments $ 8.1 $ 7.8 $ 8.5 Contingent rentals 0.1 1.6 3.8 Rental income (8.2 ) (8.6 ) (8.4 ) Sublease income — — (0.5 ) Total rental expense, net $ — $ 0.8 $ 3.4 Minimum lease payments and contingent rental expenses associated with agreements with warehouse providers are included as a component of cost of goods sold in our Consolidated Statements of Operations. The minimum lease payments under such arrangements were $0.6 million , $0.8 million and $0.9 million in 2015 , 2014 and 2013 , respectively. The contingent rental expenses under such arrangements were $0.7 million , $1.8 million and $2.8 million in 2015 , 2014 and 2013 , respectively. The following table sets forth the minimum rental payments under operating leases with non-cancellable terms in excess of one year as of December 31, 2015 . The Company will keep a small team and its headquarters in Minnesota in 2016, and those lease costs are included below. The amount for 2016 includes an estimate of the lease termination fees that we will have to pay in order to cancel certain leases upon the full wind-down of our legacy business. 2016 2017 2018 2019 2020 Thereafter Total (In millions) Minimum lease payments $ 2.7 $ 0.9 $ 0.8 $ 0.6 $ 0.4 $ 0.3 $ 5.7 Environmental Matters Our operations are subject to a wide range of federal, state and local environmental laws. Environmental remediation costs are accrued when a probable liability has been determined and the amount of such liability has been reasonably estimated. These accruals are reviewed periodically as remediation and investigatory activities proceed and are adjusted accordingly. Compliance with environmental regulations has not had a material adverse effect on our financial results. We did not have any environmental accruals as of December 31, 2015. Copyright Levies In many European Union (EU) member countries, the sale of recordable optical media is subject to a private copyright levy. The levies are intended to compensate copyright holders with "fair compensation" for the harm caused by private copies made by natural persons of protected works under the European Copyright Directive, which became effective in 2002 (Directive). Levies are generally charged directly to the importer of the product upon the sale of the products. Payers of levies remit levy payments to collecting societies which, in turn, are expected to distribute funds to copyright holders. Levy systems of EU member countries must comply with the Directive, but individual member countries are responsible for administering their own systems. Since implementation, the levy systems have been the subject of numerous litigation and law making activities. On October 21, 2010, the Court of Justice of the European Union (CJEU) ruled that fair compensation is an autonomous European law concept that was introduced by the Directive and must be uniformly applied in all EU member states. The CJEU stated that fair compensation must be calculated based on the harm caused to the authors of protected works by private copying. The CJEU ruling made clear that copyright holders are only entitled to fair compensation payments (funded by levy payments made by importers of applicable products, including the Company) when sales of optical media are made to natural persons presumed to be making private copies. Within this disclosure, we use the term "commercial channel sales" when referring to products intended for uses other than private copying and "consumer channel sales" when referring to products intended for uses including private copying. Since the Directive was implemented in 2002, we estimate that we have paid in excess of $100 million in levies to various ongoing collecting societies related to commercial channel sales. Based on the CJEU's October 2010 ruling and subsequent litigation and law making activities, we believe that these payments were not consistent with the Directive and should not have been paid to the various collecting societies. Accordingly, subsequent to the October 21, 2010 CJEU ruling, we began withholding levy payments to the various collecting societies and, in 2011, we reversed our existing accruals for unpaid levies related to commercial channel sales. However, we continued to accrue, but not pay, a liability for levies arising from consumer channel sales, in all applicable jurisdictions except Italy and France due to court rulings that are discussed below. As of December 31, 2015 and 2014 , we had accrued liabilities of $5.1 million and $9.3 million , respectively, associated with levies related to consumer channel sales for which we are withholding payment. Since the October 2010 CJEU ruling, we evaluate quarterly on a country-by-country basis whether (i) levies should be accrued on current period commercial and/or consumer channel sales; and, (ii) whether accrued, but unpaid, copyright levies on prior period consumer channel sales should be reversed. Our evaluation is made on a jurisdiction-by-jurisdiction basis and considers ongoing and cumulative developments related to levy litigation and law making activities within each jurisdiction as well as throughout the EU. See following for discussion of reversals of copyright levies in 2013. Italy. During the second quarter of 2013, an Italian court rendered a decision associated with a copyright levy matter to which Imation was not a party. This decision (i) confirmed and provided further specificity to the October 21, 2010 ruling of the CJEU that levies should not be paid on commercial channel sales and (ii) evaluated, via audit, the plaintiff's documentation and evidence for distinguishing between levies paid on commercial and consumer channel sales. During the second quarter of 2013, Imation reversed $13.6 million of Italian copyright levies (existing at the time of a 2013 Italian court decision) that arouse from consumer channel sales that had been accrued but not paid to cost of sales. Based on the ruling of this Italian court, in combination with other applicable levy and law-making activities within the EU, including Italy, we believed there was sufficient evidence that we may offset the ongoing levy liability with the Italian collecting society for Imation's sales in the consumer channel against the estimated $39.0 million we have overpaid for copyright levies in Italy (due to us paying levies on commercial channel sales prior to the October 21, 2010 CJEU ruling). We continued this practice of offsetting until December 2015. In December 2015, we settled our claim for reimbursement of the levies that Imation had paid for sales into its commercial channel with the Italian collecting society, S.I.A.E. The settlement was for $1.0 million and is recorded as a reduction in cost of sales. France . As the case in Italy, Imation has overpaid levies related to sales into its commercial channel in an amount of $55.1 million . Likewise, Imation has been offsetting levy liability with the French collecting society for Imation's sales in the consumer channel against the $55.1 million we have overpaid for copyright levies in France (due to us paying levies on commercial channels sales prior to the October 21, 2010 CJEU ruling). During the fourth quarter of 2013, Imation reversed $9.5 million of French copyright levies (existing at the time of a 2013 French court decision) that arouse from consumer channel sales that had been accrued but not paid to cost of sales. To date, Imation has offset approximately $14.4 million . We believe that we have utilized a methodology, and have sufficient documentation and evidence, to fully support our estimates that we have overpaid $55.1 million to the French collection society of levies on commercial channel sales and that we have incurred (but not paid) $14.4 million of levies on consumer channel sales in France. However, such amounts are currently subjected to challenge in court and there is no certainty that our estimates would be upheld and supported. In December 2012, Imation filed a complaint against the French collection society , Copie France, for reimbursement of the $55.1 million in commercial channel levies that Imation had paid prior to October 2010. On December 8, 2015, there was a hearing in the Paris District Court. A ruling is expected during the first quarter of 2016. Other Jurisdictions . During the first quarter of 2015, Imation reversed $2.8 million accrual for German copyright levies on optical products as the result of a favorable German court decision retroactively setting levy rates at a level much lower than the rates sought by the German collecting society. The reversal was recorded as a reduction of cost of sales. At December 31, 2015 , the recovery of some or all of the copyright levies previously paid on commercial sales in EU jurisdictions other than Italy, France and Germany represents a gain contingency that has not yet met the required criteria for recognition in our financial statements. There is no assurance that we will realize any of this gain contingency. We have an estimated $5.1 million of accrued but unpaid levies associated with consumer sales in EU jurisdictions other than Italy and France that we continue to carry on our books. We are subject to several pending or threatened legal actions by the individual European national levy collecting societies in relation to private copyright levies under the Directive. Those actions generally seek payment of the commercial and consumer optical levies withheld by Imation. Imation has corresponding claims in those actions seeking reimbursement of levies improperly collected by those collecting societies. We are subject to threatened actions by certain customers of Imation seeking reimbursement of funds they allege relate to commercial levies that they claim they should not have paid. Although these actions are subject to the uncertainties inherent in the litigation process, based on the information presently available to us, management does not expect that the ultimate resolution of these actions will have a material adverse effect on our financial condition, results of operations or cash flows. We anticipate that additional court decisions may be rendered in 2016 that may directly or indirectly impact our levy exposure in specific European countries which could trigger a review of our levy exposure in those countries. Accounts Payable The Company is currently disputing trade payables with certain vendors associated with the legacy businesses. As of December 31, 2015, the Company has $26.0 million of trade payables recorded to these vendors, which is based on amounts billed to the Company, but not paid. The Company alleges historical nonperformance by these vendors and, accordingly, is disputing the amounts presently being claimed as being owed. To the extent the Company is able to settle this dispute for amounts lower than $26.0 million , it will record a gain at that time. As a part of this dispute, these vendors have taken action to seize approximately $5.3 million of the Company's cash, which is recorded as restricted cash on the Company's consolidated balance sheet as of December 31, 2015. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Clinton Relational Opportunity Master Fund, L.P. (the "Clinton Group") nominated 3 persons for election to Imation’s Board of Directors (the “Board”) at the Company's Annual Meeting of Shareholders on May 20, 2015. Shareholders elected Clinton Group’s three nominees, Joseph A. De Perio, Robert B. Fernander and Barry L. Kasoff, replacing three incumbent directors who were standing for reelection. Mr. De Perio currently serves as Senior Portfolio Manager of the Clinton Group. During the third quarter of 2015, the Board authorized reimbursement to the Clinton Group for its documented expenses related to proxy contest fees for 2015 for $0.6 million . The fees were paid in 2015 and are recorded in restructuring and other charges for the year ended December 31, 2015. See Note 18 - Subsequent Events for additional transaction with the Clinton Group. On August 17, 2015, Imation entered into a consulting agreement with Mr. Fernander to perform certain services including assisting the Company with a review and assessment of the Nexsan and IronKey businesses of the Company, for which he received consulting fees of $25,000 per week, subject to termination by the Company on a one week's notice. For the year ended December 31, 2015, the Company paid $0.3 million to Mr. Fernander for these services, which is recorded in restructuring and other charges. On September 27, 2015, the Board of Directors appointed Mr. Fernander to serve as Interim Group President, Tiered Storage and Security Solutions, effective September 28, 2015, and terminated the consulting agreement with Mr. Fernander. On August 17, 2015, the Board appointed Mr. Kasoff to serve as Interim President of the Company effective August 19, 2015. Effective October 14, 2015, in connection with the appointment of Mr. Fernander to the position of Interim Chief Executive Officer, the Board appointed Mr. Kasoff as Chief Restructuring Officer at the same level of compensation he received as Interim President. Effective November 25, 2015, the Board of Directors appointed Mr. Kasoff to also serve as the Company's Interim Chief Financial Officer. Mr. Kasoff also serves as president of Realization Services, Inc. (RSI), a management consulting firm specializing in assisting companies and capital stakeholders in troubled business environments. Pursuant to a consulting agreement between the Company and RSI dated August 17, 2015 and subsequent amendments, RSI is performing consulting services for the Company for the period from August 8, 2015 up to March 30, 2016, unless terminated earlier by the Company, including assisting the Company with a review and assessment of the Company’s business and the formulation of a business plan to enhance shareholder value going forward. RSI received consulting fees of $85,000 per week from the Company under the terms of the Agreement plus up to an additional $225,000 for services for the period from August 26, 2015 through September 18, 2015. For the period September 19, 2015 to November 16, 2015 RSI received consulting fees of $125,000 per week. For the period from November 17, 2015 through the remaining term of the agreement RSI received up to $172,000 per week. For the year ended December 31, 2015, the Company paid $3.0 million to RSI which is recorded in restructuring and other charges. On August 31, 2015, Imation entered into a consulting agreement with Geoff Barrall, a member of the Board pursuant to which Mr. Barrall will perform certain services including formulating a business plan and budget for the Company which is subject to termination by the Company on a one week's notice. The consulting agreement with Mr. Barrall was terminated on October 12, 2015. For the year ended December 31, 2015, the Company paid $0.2 million to Mr. Barrall associated with his consulting agreement which is recorded in restructuring and other charges. On October 14, 2015, Imation acquired substantially all of the equity of Connected Data, Inc. (CDI) for approximately $6.7 million in cash, shares of Imation common stock and repayment of debt. Mr. Barrall is the founder and, at the time of acquisition, was also the Chief Executive Officer of CDI. In consideration for his CDI common shares and options to purchase CDI common shares, Mr. Barrall received approximately $184,000 at the time of the acquisition and he will be eligible to receive up to an additional $260,000 to the extent certain CDI revenue targets are achieved for the 3 consecutive six-month periods commencing January 1, 2016. See Note 4 - Acquisitions and Divestitures for further information on the CDI acquisition. TDK Corporation (TDK) owned approximately 18 percent of the Company's shares as of December 31, 2014 as a result of the arrangement to acquire the rights to the TDK Life on Record brand under an exclusive long-term license from TDK. In connection with this arrangement, we entered into a supply agreement, dated July 31, 2007, with TDK (Supply Agreement). In 2014 and 2013 we purchased products and services under the Supply Agreement which allowed us to purchase a limited number of LTO Tape media and Blu-ray removable recording media and accessory products for resale in the aggregate amounts of approximately $3 million and $28 million , respectively, from TDK or its affiliates. The Supply Agreement was terminated on March 31, 2014. We did not sell products nor provide services to TDK or its affiliates in 2015 , 2014 or 2013 . No trade payables to TDK or its affiliates were outstanding at December 31, 2015 or December 31, 2014 . No trade receivables from TDK or its affiliates were outstanding as of December 31, 2015 or December 31, 2014 . In 2011, we discontinued our tape coating operations at our Weatherford, Oklahoma facility and closed the facility. We signed a strategic agreement with TDK to jointly develop and manufacture magnetic tape technologies in which we collaborated on the research and development of future tape formats in both companies’ research centers in the U.S. and Japan. At the end of 2013, TDK announced its intent to cease manufacturing of magnetic tape and, as a result, we transitioned to source our product from alternate magnetic tape suppliers during 2014. On September 28, 2015, the Company entered into an agreement with TDK providing for the transfer of 6,675,764 shares of Imation common stock from TDK to Imation, the termination of the Company's license agreement with TDK and the termination of certain rights of TDK under its Investor Rights Agreement with the Company. The shares of Imation common stock were transferred back to Imation on October 29, 2015. The transaction resulted in receipt of $13.6 million of Imation stock (subsequently recorded into treasury shares), the transfer back to TDK of the rights to the TDK brand (which had a carrying value of $4.5 million at the time of the transaction) and an associated gain of $9.1 million . The gain is recorded in restructuring and other charges for the year ended December 31, 2015. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) First Second Third Fourth Total (1) (In millions, except per share amounts) 2014 Net revenue $ 178.9 $ 178.6 $ 175.0 $ 197.0 $ 729.5 Gross profit 33.7 33.9 31.2 39.6 138.4 Goodwill impairment — — 35.4 — 35.4 Restructuring and other 2.1 5.2 4.2 2.1 13.6 Operating loss (16.1 ) (20.1 ) (55.8 ) (12.1 ) (104.1 ) Loss from continuing operations (16.8 ) (19.8 ) (61.4 ) (14.4 ) (112.4 ) Loss from discontinued operations (0.7 ) (1.6 ) — — (2.3 ) Net loss (17.5 ) (21.4 ) (61.4 ) (14.4 ) (114.7 ) Loss per common share, continuing operations: Basic $ (0.41 ) $ (0.48 ) $ (1.49 ) $ (0.35 ) $ (2.74 ) Diluted (0.41 ) (0.48 ) (1.49 ) (0.35 ) (2.74 ) Loss per common share, discontinued operations: Basic (0.02 ) (0.04 ) — — (0.06 ) Diluted (0.02 ) (0.04 ) — — (0.06 ) Loss per common share, net income: Basic (0.43 ) (0.52 ) (1.49 ) (0.35 ) (2.80 ) Diluted (0.43 ) (0.52 ) (1.49 ) (0.35 ) (2.80 ) 2015 Net revenue $ 155.4 $ 150.6 $ 129.2 $ 94.0 $ 529.2 Gross profit 34.0 29.0 13.4 24.9 101.3 Goodwill impairment — — 36.1 — 36.1 Intangible impairments — — 37.6 — 37.6 Restructuring and other 1.2 1.5 40.2 5.0 47.9 Operating loss (13.0 ) (15.9 ) (148.7 ) 0.3 (177.3 ) Loss from continuing operations (14.4 ) (17.4 ) (152.3 ) (9.9 ) (194.0 ) Loss from discontinued operations — — — — — Net loss (14.4 ) (17.4 ) (152.3 ) (9.9 ) (194.0 ) Loss per common share, continuing operations: Basic $ (0.35 ) $ (0.42 ) $ (3.70 ) $ (0.27 ) $ (4.84 ) Diluted (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) Loss per common share, discontinued operations: Basic — — — — — Diluted — — — — — Loss per common share, net income: Basic (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) Diluted (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) _______________________________________ (1) The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 4, 2016, the Company completed the sale of its corporate headquarters facility in Oakdale, Minnesota to Larson Family Real Estate LLLP for a gross purchase price of $11.5 million . See Note 5 - Supplemental Balance Sheet Information for discussion regarding this facility being classified as held for sale as of December 31, 2015. On January 4, 2016, the Company closed on the sale of its Memorex trademark and receivables associated with two associated trademark licenses to DPI Inc., a St. Louis-based branded consumer electronics company for $9.4 million . The Company classified all assets associated with the sale as assets held for sale on our Consolidated Balance Sheet as of December 31, 2015. These assets included the Memorex trademark intangible asset (which had a carrying value of $5.9 million at December 31, 2015) and receivables associated with two trademark licenses (one of which was the buyer of our Memorex consumer electronics business). The transaction resulted in an impairment of $1.8 million which was recorded in our Consolidated Statement of Operations for the year ended December 31, 2015 in restructuring and other charges. On February 2, 2016, the Company closed on a sale of its IronKey business to Kingston Digital, Inc. and Datalocker Inc. in two coordinated asset sales. The Company received $4.7 million in cash at closing for the two sales. The Company sold to Kingston Digital, Inc. the assets representing the business of developing, designing, manufacturing and selling IronKey mobile security solutions, excluding the business of providing software and services, for $4.3 million . Imation retained the accounts receivable and accounts payable related to the business. The Company sold to Datalocker Inc. the assets representing the business of providing software and services for IronKey products for $0.4 million . Datalocker Inc. agreed to assume certain service obligations and additionally will pay Imation earnout payments during the next three years if certain service revenue targets are achieved. While the Company was exploring options associated with the IronKey business, the criteria to be considered as "held for sale" as of December 31, 2015 were not met at that time as we did not have Board approval. The accounting for the transaction will take place in the first quarter of 2016 and is expected to result in a gain of approximately $3.0 million . On February 8, 2016, the Company entered into a subscription agreement with the Clinton Group for which they will manage $20 million of the Company's cash for investment. The funds will be invested in Clinton Lighthouse Equities Strategy Fund (Offshore) Ltd. which is a market neutral fund that provides daily liquidity to its investors. The agreement provides that the Clinton Group will be entitled to an incentive fee (payable in Imation common stock) at an annualized rate equal to twenty-five percent of the total investment return. The accounting for the incentive fee will take place when the Clinton Group performs their services. On February 29, 2016 the Company closed on the sale of an Imation owned property in London, Ontario Canada for a net purchase price of approximately $0.6 million and a gain of $0.4 million . |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The financial statements are presented on a consolidated basis and include the accounts of the Company and our wholly-owned subsidiaries. See Note 2 - Summary of Significant Accounting Policies for further information regarding consolidation. Our Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). All significant inter-company transactions have been eliminated. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported asset and liability amounts and the contingent asset and liability disclosures at the date of the financial statements, as well as the revenue and expense amounts reported during the period. Actual results could differ from those estimates. |
Foreign Currency | For our international operations, where the local currency has been determined to be the functional currency, assets and liabilities are translated at year-end exchange rates with cumulative translation adjustments included as a component of shareholders’ equity. Income and expense items are translated at average foreign exchange rates prevailing during the year. Gains and losses from foreign currency transactions are included in our Consolidated Statements of Operations. |
Cash Equivalents and Restricted Cash | Cash equivalents consist of highly liquid investments with an original maturity of three months or less at the time of purchase. The carrying amounts reported in our Consolidated Balance Sheets for cash equivalents approximate fair value. Restricted Cash. Cash related to contractual obligations or restricted by management for specific use is classified as restricted and is included in other current assets and/or other assets on our Consolidated Balance Sheets depending on the timing of the restrictions. |
Trade Accounts Receivable and Allowances | Trade accounts receivable are stated net of estimated allowances, which primarily represent estimated amounts associated with customer returns, discounts on payment terms and the inability of certain customers to make the required payments. When determining the allowances, we take several factors into consideration, including prior history of accounts receivable credit activity and write-offs, the overall composition of accounts receivable aging, the types of customers and our day-to-day knowledge of specific customers. Changes in the allowances are recorded as reductions of net revenue or as bad debt expense (included in selling, general and administrative expense), as appropriate, in our Consolidated Statements of Operations. In general, accounts which have entered into an insolvency action, have been returned by a collection agency as uncollectible or whose existence can no longer be confirmed are written off in full and both the receivable and the associated allowance are removed from our Consolidated Balance Sheet. If, subsequent to the write-off, a portion of the account is recovered, it is recorded as a reduction of bad debt expense in our Consolidated Statements of Operations at the time cash is received. |
Inventories | Inventories are valued at the lower of cost or market, with cost determined on a first-in, first-out basis. We provide estimated inventory write-downs for excess, slow-moving and obsolete inventory as well as inventory with a carrying value in excess of estimated net realizable value. |
Derivative Financial Instruments | We recognize all derivatives on the balance sheet at their estimated fair value. Fair value of our derivative contracts with durations of twelve months or less are classified as current and durations of greater than twelve months as non-current. Changes in the estimated fair value of derivatives that are not designated as, and qualify for, hedge accounting are recorded in our results of operations. We do not hold or issue derivative financial instruments for speculative or trading purposes, and we are not a party to leveraged derivatives. If a derivative is designated as, and qualifies for, hedge accounting, depending on the nature of the hedge, changes in the fair value of the derivative are either offset against the change in fair value of the underlying assets or liabilities through operations or recognized in accumulated other comprehensive loss in shareholders’ equity until the underlying hedged item is recognized in operations. These gains and losses are generally recognized as an adjustment to cost of goods sold for inventory-related hedge transactions, or as adjustments to foreign currency transaction gains or losses included in non-operating expenses for foreign denominated payables- and receivables-related hedge transactions. Cash flows attributable to these derivatives are included with cash flows of the associated hedged items. The ineffective portion of a derivative’s change in fair value is immediately recognized in our Consolidated Statements of Operations. See Note 12 - Fair Value Measurements for more information on our derivative financial instruments. |
Investments | Investments include trading investments. The corresponding gain or loss associated with these investments is reported in our Consolidated Statements of Operations as a component of other expense. |
Assets Held for Sale | Assets held for sale consists of assets recorded at the lower of the carrying value or fair value less costs to sell for which management has committed to plan to sell the assets, the sale is probable and will occur within a year. |
Property, Plant and Equipment | Property, plant and equipment, including leasehold and other improvements that extend an asset’s useful life or productive capabilities, are recorded at cost. Maintenance and repairs are expensed as incurred. The cost and related accumulated depreciation of assets sold or otherwise disposed are removed from the related accounts, and the gains or losses are reflected in the results of operations. Property, plant and equipment are generally depreciated on a straight-line basis over their estimated useful lives. The estimated depreciable lives range from 10 to 20 years for buildings and 5 to 10 years for machinery and equipment. Leasehold and other improvements are amortized over the remaining life of the lease or the estimated useful life of the improvement, whichever is shorter. |
Intangible Assets | We record all assets and liabilities acquired in purchase acquisitions, including intangibles, at estimated fair value. The initial recognition of intangible assets, the determination of useful lives and, if necessary, subsequent impairment analyses require management to make subjective estimates of how the acquired assets will perform in the future using certain valuation methods. See Note 6 - Intangible Assets and Goodwill for further information on our intangible assets and impairment testing. |
Goodwill | Goodwill is the excess of the cost of an acquired entity over the estimated fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is considered impaired when its carrying amount exceeds its implied fair value. The Company may assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If we determine in this assessment that the fair value of the reporting unit is more than its carrying amount we may conclude that there is no need to perform Step 1 of the impairment test. We have an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing Step 1 of the goodwill impairment test. Step 1 of the impairment test involves comparing the fair value of the reporting unit to which goodwill was assigned to its carrying amount. If fair value is deemed to be less than carrying value, Step 2 of the impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of the reporting unit's goodwill is greater than the implied fair value of the reporting unit's goodwill, an impairment loss must be recognized for the excess. This involves measuring the fair value of the reporting unit's assets and liabilities (both recognized and unrecognized) at the time of the impairment test. The difference between the reporting unit's fair value and the fair values assigned to the reporting unit's individual assets and liabilities is the implied fair value of the reporting unit's goodwill. See Note 6 - Intangible Assets and Goodwill for further information on our goodwill and impairment testing. |
Impairment of Long-Lived Assets | We periodically review the carrying value of our property and equipment and our intangible assets to test whether current events or circumstances indicate that such carrying value may not be recoverable. For the testing of long-lived assets that are "held for use," if the tests indicate that the carrying value of the asset group that contains the long-lived asset being evaluated is greater than the expected undiscounted cash flows to be generated by such asset or asset group, an impairment loss would be recognized. The impairment loss is determined by the amount by which the carrying value of such asset group exceeds its estimated fair value. We generally measure fair value by considering sale prices for similar assets or by discounting estimated future cash flows from such assets using an appropriate discount rate. See Note 6 - Intangible Assets and Goodwill for further information on impairment testing. Assets to be disposed of and qualify as being "held for sale" are carried at the lower of their carrying value or fair value less costs to sell. Management judgment is necessary to estimate the fair value of assets and, accordingly, actual results could vary significantly from such estimates. |
Revenue Recognition | We sell a wide range of data storage, mobile security and consumer storage solutions audio products and accessories. Net revenue consists primarily of data storage, mobile security, magnetic, optical, flash media, consumer electronics and accessories sales. We recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, installation has been completed (if applicable) or services have been rendered, fees are fixed or determinable and collectability is reasonably assured. For product sales, delivery is considered to have occurred when the risks and rewards of ownership transfer to the customer. For inventory maintained at the customer site, revenue is recognized at the time these products are sold by the customer. We base our estimates for returns on historical experience and have not experienced significant fluctuations between estimated and actual return activity. Non-income based taxes collected from customers are also recorded as revenue and include levies and various excise taxes, mainly in non-U.S. jurisdictions. These taxes included in revenue in 2015 , 2014 , and 2013 were $4.9 million , $7.1 million , and $10.3 million , respectively. The majority of the Company’s Nexsan and IronKey products have both software and non-software components that together deliver the products’ essential functionality. The software is embedded within the hardware and sold together as a single storage solution to the customer. Accordingly, the software and non-software components do not qualify as separate units of accounting as prescribed in Accounting Standards Codification (ASC) 605-25 and are combined as a single unit of accounting. There are no situations where revenue is recognized separately for software. We also offer services in conjunction with our Nexsan and IronKey products which may include installation, training, hardware maintenance and software support. For such services that are determined to be essential to the functionality of the product, the product and services do not qualify as separate units of accounting as prescribed in ASC 605-25 and are combined as a single unit of accounting. In situations where the sale of our Storage and Security Solutions products and associated services qualify as multiple element arrangements, we allocate arrangement consideration to each unit of accounting based on its relative selling price, and revenue is recognized for each element when all of the criteria for revenue recognition for such elements have been met. Revenue from services is not a significant component of total consolidated revenues. Revenue associated with stand-alone service arrangements (such as maintenance arrangements) that are sold separately is recorded ratably over the service period. |
Rebates | Rebates that are provided to our customers are accounted for as a reduction of revenue at the time of sale based on an estimate of the cost to honor the related rebate programs. The rebate programs that we offer vary across our businesses as we serve numerous markets. The most common incentives relate to amounts paid or credited to customers that are volume-based and rebates to support promotional activities. |
Concentrations of Credit Risk | We sell a wide range of products and services to a diversified base of customers around the world and perform ongoing credit evaluations of our customers’ financial condition. Therefore, we believe there is no material concentration of credit risk. |
Cost of Goods Sold | Cost of goods sold includes raw materials, direct labor, manufacturing overhead, shipping and receiving costs, freight costs, depreciation of manufacturing equipment and other less significant indirect costs related to the production of our products. |
Selling, General and Administrative (SG&A) Expenses | SG&A expenses include sales and marketing, customer service, finance, legal, human resources, information technology, general management and similar expenses. |
Research and Development Costs | Research and development costs are expensed as incurred. Research and development costs include salaries, payroll taxes, employee benefit costs, supplies, depreciation and maintenance of research equipment. |
Rebates Received | We receive rebates from some of our inventory vendors if we achieve pre-determined purchasing thresholds. These rebates are accounted for as a reduction of the price of the vendor's products and are included as a reduction of our cost of goods sold in the period in which the purchased inventory is sold. |
Income Taxes | We are required to estimate our income taxes in each of the jurisdictions in which we operate. This process involves estimating our actual current tax obligations based on expected taxable income, statutory tax rates and tax credits allowed in the various jurisdictions in which we operate. Tax laws require certain items to be included in our tax returns at different times than the items are reflected in our results of operations. Some of these differences are permanent, such as expenses that are not deductible in our tax returns, and some are temporary differences that will reverse over time. Temporary differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheets. We must assess the likelihood that our deferred tax assets will be realized and establish a valuation allowance to the extent necessary. We record income taxes using the asset and liability approach. Under this approach, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the book and tax basis of assets and liabilities. We measure deferred tax assets and liabilities using the enacted statutory tax rates that are expected to apply in the years in which the temporary differences are expected to be recovered or paid. We regularly assess the likelihood that our deferred tax assets will be recovered in the future. In accordance with accounting rules, a valuation allowance is recorded to the extent we conclude a deferred tax asset is not considered to be more-likely-than-not to be realized. We consider all positive and negative evidence related to the realization of the deferred tax assets in assessing the need for a valuation allowance. If we determine it is more-likely-than-not that we will not realize all or part of our deferred tax assets, an adjustment to the deferred tax asset will be charged to earnings in the period such determination is made. Our income tax returns are subject to review by various U.S. and foreign taxing authorities. As such, we record accruals for items that we believe may be challenged by these taxing authorities. The threshold for recognizing the benefit of a tax return position in the financial statements is that the position must be more-likely-than-not to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in our judgment, is greater than 50 percent likely to be realized. Interest and penalties recorded for uncertain tax positions are included in our income tax provision. |
Treasury Stock | Our repurchases of shares of common stock are recorded at cost as treasury stock and are presented as a reduction of shareholders’ equity. When treasury shares are reissued, we use a last-in, first-out method, and the difference between repurchase cost and fair value at reissuance is treated as an adjustment to equity. |
Stock-Based Compensation | Stock-based compensation awards classified as equity awards are measured at fair value at the date of grant and expensed over their vesting or service periods. We also have stock appreciation rights outstanding which are considered liability awards as the settlement of these awards, if they were to vest, would be in cash. If these awards were determined to be probable of achieving its stock price conditions and revenue performance conditions, we would record the estimated fair value of such awards as a liability and re-measure their estimated value each reporting period. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The assumptions used in the valuation model are supported primarily by historical indicators and current market conditions. Expected volatilities are based on historical volatility of our stock and are calculated using the historical weekly close rate for a period of time equal to the expected term. The risk-free rate for the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. We use historical data and management judgment to estimate option exercise and employee termination activity within the valuation model. The expected term of stock options granted is based on historical data and represents the period of time that stock options granted are expected to be outstanding. It is calculated on an aggregated basis and estimated based on an analysis of options already exercised and any foreseeable trends or changes in recipients’ behavior. In determining the expected term, we consider the vesting period of the awards, the contractual term of the awards, historical average holding periods, stock price history, impacts from recent restructuring initiatives and the relative weight for each of these factors. The dividend yield, if applicable, is based on the latest dividend payments made on or announced by the date of the grant. Forfeitures are estimated based on historical experience and current demographics. See Note 8 - Stock-Based Compensation for further information regarding stock-based compensation. |
Weighted Average Basic and Diluted Shares Outstanding | Basic (loss) earnings per common share is calculated using the weighted average number of shares outstanding during the year. Diluted (loss) earnings per common share is computed on the basis of the weighted average basic shares outstanding plus the dilutive effect of our stock-based compensation plans using the “treasury stock” method. Unvested restricted stock and treasury shares are excluded from the calculation of weighted average number of common shares outstanding. Once restricted stock vests, it is included in our common shares outstanding. Potential common shares are excluded from the computation of diluted (loss) earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common shareholders. Stock options are also anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company's common stock for the period. See Note 3 - (Loss) Earnings per Common Share for our calculation of weighted average basic and diluted shares outstanding. |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board issued new accounting guidance related to revenue recognition. This new guidance will replace all current U.S. GAAP guidance on revenue recognition and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In July 2015, the guidance was revised to be effective for interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and are currently evaluating the impact of this new guidance on our financial position and results of operations. In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-15 - Presentation of Financial Statements, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued and if Management’s plans will alleviate that doubt. Management will be required to make this evaluation for both annual and interim reporting periods. The accounting guidance is effective for Imation beginning in the first quarter of 2016. In April 2015, the Financial Accounting Standards Board issued new accounting guidance related to debt issuance costs. Under this new standard, debt issuance costs reported on the consolidated balance sheet would be reflected as a direct deduction from the related debt liability rather than as an asset. For Imation, this is effective January 1, 2016, with early adoption permitted. Retroactive application to prior periods is required. As this standard impacts only the classification of certain amounts within the consolidated balance sheet, Imation does not expect this new standard to have a material impact on our financial position and results of operations. In May 2015, the Financial Accounting Standards Board issued new accounting guidance related to the disclosures for investments in certain entities that calculate net asset value per share (or its equivalent). This standard modifies existing disclosure requirements such that investments for which the practical expedient is used to measure their fair value at net asset value (NAV) would be removed from the fair value hierarchy disclosures. Instead, an entity would be required to include those investments as a reconciling item such that the total fair value amount of investments in the fair value hierarchy disclosure is consistent with the amount on the balance sheet. Changes were also made to the requirements in a sponsor’s employee benefit plan asset disclosures. For Imation, this standard is effective January 1, 2016, with retrospective application required. Early adoption is permitted. As this standard only impacts certain disclosures, it will not impact the Company’s consolidated results of operations and financial condition. In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2015-11, Simplifying the Measurement of Inventory, which modifies existing requirements regarding measuring inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (NRV), and NRV less an approximately normal profit margin. The new ASU replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. For Imation, this standard is effective prospectively beginning January 1, 2017, with early adoption permitted. The Company is currently assessing the impact of this new ASU on Imation’s consolidated results of operations and financial condition. In September 2015, the Financial Accounting Standard Board issued Accounting Standard Update (ASU) No. 2015-16, Business Combinations (Topic 805), which requires that an acquirer recognizes adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change in provisional amounts, calculated as if the accounting had been completed at the acquisition date. This guidance requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The accounting guidance is effective for Imation beginning in the first quarter of 2016. The Company is currently assessing the impact of this new ASU on Imation’s consolidated results of operations and financial condition. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which revises the accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. The ASU also amends certain disclosure requirements associated with the fair value of financial instruments. The new guidance requires the fair value measurement of investments in equity securities and other ownership interests in an entity, including investments in partnerships, unincorporated joint ventures and limited liability companies (collectively, equity securities) that do not result in consolidation and are not accounted for under the equity method. Entities will need to measure these investments and recognize changes in fair value in net income. Entities will no longer be able to recognize unrealized holding gains and losses on equity securities they classify under current guidance as available for sale in other comprehensive income (OCI). They also will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. Instead, for these types of equity investments that do not otherwise qualify for the net asset value practical expedient, entities will be permitted to elect a practicability exception and measure the investment at cost less impairment plus or minus observable price changes (in orderly transactions). The ASU also establishes an incremental recognition and disclosure requirement related to the presentation of fair value changes of financial liabilities for which the fair value option (FVO) has been elected. Under this guidance, an entity would be required to separately present in OCI the portion of the total fair value change attributable to instrument-specific credit risk as opposed to reflecting the entire amount in earnings. For derivative liabilities for which the FVO has been elected, however, any changes in fair value attributable to instrument-specific credit risk would continue to be presented in net income, which is consistent with current guidance. For Imation, this standard is effective beginning January 1, 2018 via a cumulative-effect adjustment to beginning retained earnings, except for guidance relative to equity securities without readily determinable fair values which is applied prospectively. The Company is currently assessing this ASU’s impacts on our consolidated results of operations and financial condition. In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet. ASU 2016-02 is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements. ASU 2016-02 will be effective for the company beginning on January 1, 2019. Early adoption is permitted. The company is currently evaluating the impact of adopting this standard on its consolidated financial statements. Recently Adopted Accounting Pronouncements In November 2015, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which amends the guidance requiring companies to separate deferred income tax liabilities and assets into current and non-current amounts in a classified statement of financial position. This accounting guidance simplifies the presentation of deferred income taxes, such that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This determination is still required to be performed at a jurisdiction-by-jurisdiction basis. This accounting guidance is effective for Imation beginning in the first quarter of 2017, but we have elected to adopt this guidance prospectively as of December 31, 2015. As a result, we have classified all deferred tax liabilities and assets as non-current in the Consolidated Balance Sheet at December 31, 2015. Amounts on the December 31, 2014 Consolidated Balance Sheet were not retrospectively adjusted. |
(Loss) Earnings per Common Sh27
(Loss) Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of the weighted average basic and diluted loss per share: Years Ended December 31, 2015 2014 2013 (In millions, except per share amounts) Numerator: Loss from continuing operations $ (194.0 ) $ (112.4 ) $ (24.4 ) Loss from discontinued operations — (2.3 ) (20.0 ) Net loss $ (194.0 ) $ (114.7 ) $ (44.4 ) Denominator: Weighted average number of common shares outstanding during the period 40.1 41.0 40.5 Dilutive effect of stock-based compensation plans — — — Weighted average number of diluted shares outstanding during the period 40.1 41.0 40.5 Basic loss per common share: Continuing operations $ (4.84 ) $ (2.74 ) $ (0.60 ) Discontinued operations — (0.06 ) (0.49 ) Net loss (4.84 ) (2.80 ) (1.10 ) Diluted loss per common share: Continuing operations $ (4.84 ) $ (2.74 ) $ (0.60 ) Discontinued operations — (0.06 ) (0.49 ) Net loss (4.84 ) (2.80 ) (1.10 ) Anti-dilutive shares excluded from calculation 3.6 4.5 6.1 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The following table illustrates our finalized allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed as of acquisition date: Amount (In millions) Cash $ 0.2 Inventory 0.2 Prepaid and other 0.1 Intangible assets 4.3 Goodwill 3.8 Accounts payable (0.7 ) Accrued expenses (1.1 ) Deferred revenue - current (0.1 ) $ 6.7 |
Schedule of Intangible Assets Acquired | Our allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible asset: Weighted Average Amount Life (In millions) Other - developed technology $ 4.3 6 years |
Schedule of Key Components of Discontinued Operations | The key components of the results of discontinued operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Net revenue $ — $ 0.4 $ 40.7 (Loss) gain on sale of discontinued businesses, net of income taxes $ — $ (1.7 ) $ 0.9 Loss from operations of discontinued businesses, before income taxes — (0.6 ) (14.2 ) Adjustment to carrying value of disposal group — — (6.7 ) Income tax benefit — — — Loss from discontinued businesses, net of income taxes $ — $ (2.3 ) $ (20.0 ) |
Supplemental Balance Sheet In29
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Disclosures | Additional supplemental balance sheet information is provided in the tables that follow. As of December 31, 2015 2014 (In millions) Inventories Finished goods $ 2.4 $ 51.1 Work in process 0.7 0.7 Raw materials and supplies 7.4 5.9 Total inventories $ 10.5 $ 57.7 Property, Plant and Equipment Land $ — $ 1.2 Buildings and leasehold improvements 4.9 94.7 Machinery and equipment 10.3 88.0 Construction in progress — 0.1 Total 15.2 184.0 Less accumulated depreciation (10.6 ) (139.0 ) Property, plant and equipment, net $ 4.6 $ 45.0 Assets held for sale Corporate headquarter facility (Note 18) $ 11.0 $ — Other facilities 0.2 1.2 Memorex trademark and associated receivables (Note 18) 9.4 — Total assets held for sale $ 20.6 $ 1.2 |
Schedule of Accounts Receivable Reserves and Allowances | Accounts Receivable* (In millions) Reserves and Allowances Balance, as of December 31, 2012 $ 18.0 Additions 6.6 Write-offs, net of recoveries (10.1 ) Balance, as of December 31, 2013 $ 14.5 Additions 2.9 Write-offs, net of recoveries (8.3 ) Balance, as of December 31, 2014 $ 9.1 Additions 9.9 Write-offs, net of recoveries (10.0 ) Balance, as of December 31, 2015 $ 9.0 *Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. |
Other Current Liabilities | Other current liabilities (included as a separate line item in our Consolidated Balance Sheet) includes the following: As of December 31, 2015 2014 (In millions) Rebates payable $ 5.5 $ 26.9 Accrued payroll 6.2 18.4 Deferred Revenue 8.2 8.3 Restructuring accruals (Note 7) 16.9 1.3 Other current liabilities 28.8 43.3 Total other current liabilities $ 65.6 $ 98.2 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the changes in intangible assets: Trade Names Software Customer Relationships Developed Technology & Other Total (In millions) December 31, 2014 $ 20.2 $ 4.8 $ 16.3 $ 16.6 $ 57.9 Acquisition — — — 4.3 4.3 Amortization (3.8 ) (1.7 ) (1.6 ) (2.7 ) (9.8 ) Impairment losses (6.0 ) (3.1 ) (14.7 ) (13.8 ) (37.6 ) Foreign currency translation — — — (0.2 ) (0.2 ) TDK brand transaction (Note 16) (4.5 ) — — — (4.5 ) Memorex trademark (Note 18) (5.9 ) — — — (5.9 ) December 31, 2015 $ — $ — $ — $ 4.2 $ 4.2 Intangible assets consist of the following: Trade Names Software Customer Relationships Developed Technology & Other Total (In millions) December 31, 2014 Cost $ 34.2 $ 60.1 $ 20.0 $ 26.2 $ 140.5 Accumulated amortization (14.0 ) (55.3 ) (3.7 ) (9.6 ) (82.6 ) Intangible assets, net $ 20.2 $ 4.8 $ 16.3 $ 16.6 $ 57.9 December 31, 2015 Cost $ — $ — $ — $ 4.3 $ 4.3 Accumulated amortization — — — (0.1 ) (0.1 ) Intangible assets, net $ — $ — $ — $ 4.2 $ 4.2 |
Schedule of Intangible Asset Amortization Expense | Amortization expense from continuing operations for intangible assets consisted of the following: Years Ended December 31, 2015 2014 2013 (In millions) Amortization expense $ 9.8 $ 12.9 $ 13.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible assets in service as of December 31, 2015 , estimated amortization expenses for each of the next five years ending December 31 is as follows: 2016 2017 2018 2019 2020 (In millions) Amortization expense $ 0.7 $ 0.7 $ 0.7 $ 0.7 $ 0.6 |
Schedule of Goodwill | The following table presents the changes in goodwill allocated to our reportable segments: Nexsan IronKey Storage Media and Accessories Total (In millions) Balance as of December 31, 2013: Goodwill $ 64.1 $ 32.9 $ 152.3 $ 249.3 Accumulated impairment losses — (24.9 ) (152.3 ) (177.2 ) 64.1 8.0 — 72.1 Goodwill impairment (35.4 ) — (35.4 ) Foreign currency translation (0.6 ) — (0.6 ) Balance as of December 31, 2014: Goodwill 63.5 32.9 152.3 248.7 Accumulated impairment losses (35.4 ) (24.9 ) (152.3 ) (212.6 ) 28.1 8.0 — 36.1 Goodwill from acquisition of Connected Data, Inc. 3.8 — 3.8 Goodwill impairment (28.1 ) (8.0 ) — (36.1 ) Foreign currency translation — — — Balance as of December 31, 2015: Goodwill 67.3 32.9 152.3 252.5 Accumulated impairment losses (63.5 ) (32.9 ) (152.3 ) (248.7 ) $ 3.8 $ — $ — $ 3.8 |
Restructuring and Other Expen31
Restructuring and Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Other Expenses | The components of our restructuring and other expense included in our Consolidated Statements of Operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Restructuring Severance and related $ 24.5 $ 3.9 $ 2.1 Lease termination costs 1.5 0.3 0.7 Other 2.6 1.2 2.4 Total restructuring $ 28.6 $ 5.4 $ 5.2 Other Settlement of UK pension plan (Note 9) — 0.5 10.6 Gain on sale of fixed assets held for sale — — (9.8 ) Acquisition and integration related costs 0.5 — 2.8 Pension settlement/curtailment (Note 9) (0.8 ) 0.2 2.1 Asset disposals / write down 24.6 1.8 — Other (5.0 ) 5.7 0.4 Total $ 47.9 $ 13.6 $ 11.3 |
Schedule of Restructuring Reserves | Activity related to the new and existing restructuring accruals was as follows: Severance and Related Lease Termination Costs Other Total (In millions) Accrued balance at December 31, 2013 $ 2.2 $ 0.4 $ 0.8 $ 3.4 Charges 3.7 0.1 0.6 4.4 Usage (5.1 ) (0.2 ) (1.4 ) (6.7 ) Currency impacts — — 0.2 0.2 Accrued balance at December 31, 2014 $ 0.8 $ 0.3 $ 0.2 $ 1.3 Charges 24.5 1.5 2.6 28.6 Usage (11.1 ) (0.6 ) (1.3 ) (13.0 ) Currency impacts — — — — Accrued balance at December 31, 2015 $ 14.2 $ 1.2 $ 1.5 $ 16.9 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Compensation | Stock compensation consisted of the following: Years Ended December 31, 2015 2014 2013 (In millions) Stock compensation expense $ 1.7 $ 5.3 $ 6.3 |
Schedule of Weighted Average Assumptions Used in the Valuation of Options | The following table summarizes our weighted average assumptions used in the valuation of options for the years ended December 31: 2015 2014 2013 Volatility 41 % 46 % 43 % Risk-free interest rate 1.84 % 1.93 % 1.05 % Expected life (months) 72 73 72 Dividend yield — % — % — % |
Schedule of Stock Option Activity | The following table summarizes our stock option activity: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (millions) Outstanding December 31, 2012 5,818,472 $ 16.57 5.9 $ — Granted 1,034,406 3.85 Exercised — — Canceled (1,069,192 ) 25.22 Forfeited (412,148 ) 7.13 Outstanding December 31, 2013 5,371,538 $ 13.11 6.1 $ 0.8 Granted 61,275 3.72 Exercised (87,569 ) 3.97 Canceled (881,069 ) 19.05 Forfeited (566,189 ) 4.14 Outstanding December 31, 2014 3,897,986 $ 13.07 4.8 $ — Granted 1,314,547 1.45 Exercised (20,000 ) 3.84 Canceled (574,368 ) 19.68 Forfeited (66,944 ) 6.16 Outstanding December 31, 2015 4,551,221 $ 9.02 4.4 $ — |
Schedule of Options Exercisable and Expected to Vest | The following table summarizes exercisable options and options expected to vest as of December 31, 2015 : Exercisable Options Options Expected to Vest Weighted Average Remaining Weighted Average Weighted Average Remaining Weighted Average Range of Exercise Stock Contractual Exercise Stock Contractual Exercise Prices Options Life (Years) Price Options Life (Years) Price $3.48 to $6.16 833,362 3.8 $ 5.18 1,158,188 8.2 $ 1.73 $6.17 to $9.64 422,603 2.3 8.62 — 0.0 — $9.65 to $19.20 1,244,009 2.5 10.05 — 0.0 — $19.21 to $23.95 7,500 1.0 20.31 — 0.0 — $23.96 to $28.70 342,612 1.3 24.61 — 0.0 — $28.71 to $39.38 152,170 0.8 37.25 — 0.0 — $39.39 to $41.75 93,985 0.3 41.61 — 0.0 — $41.76 to $46.97 — 0.0 — — 0.0 — $3.48 to $46.97 3,096,241 2.5 $ 12.47 1,158,188 8.2 $ 1.73 |
Schedule of Restricted Stock Activity | The following table summarizes our restricted stock activity: Restricted Stock Weighted Average Grant Date Fair Value Per Share Nonvested as of December 31, 2012 1,025,804 $ 7.12 Granted 837,443 3.75 Vested (561,099 ) 6.99 Forfeited (109,827 ) 6.59 Nonvested as of December 31, 2013 1,192,321 $ 4.87 Granted 1,229,249 3.65 Vested (734,533 ) 5.19 Forfeited (338,120 ) 3.95 Nonvested as of December 31, 2014 1,348,917 $ 3.81 Granted 1,724,518 2.89 Vested (868,985 ) 3.90 Forfeited (1,041,674 ) 3.85 Nonvested as of December 31, 2015 1,162,776 $ 2.34 |
Schedule of Stock Appreciation Rights (SARs) | The following table summarizes our stock appreciation rights activity: Stock Appreciation Rights Outstanding as of December 31, 2012 — Granted 3,108,128 Canceled (89,286 ) Outstanding as of December 31, 2013 3,018,842 Granted 659,473 Canceled (703,383 ) Outstanding as of December 31, 2014 2,974,932 Granted 2,725,330 Canceled (1,905,328 ) Outstanding as of December 31, 2015 3,794,934 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligation and Plan Assets, and Net Funded Status | The benefit obligations and plan assets, changes to the benefit obligations and plan assets, and the funded status of the defined benefit pension plans were as follows: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Change in benefit obligation Benefit obligation, beginning of year $ 78.8 $ 78.5 $ 33.2 $ 31.4 Service cost — — 0.2 0.3 Interest cost 3.0 3.3 0.5 0.9 Actuarial (gain) loss (0.8 ) 4.4 (2.7 ) 6.5 Benefits paid (2.2 ) (1.8 ) (4.9 ) (1.6 ) Settlement payments (6.0 ) (5.6 ) — — Curtailments — — (0.6 ) — Foreign exchange rate changes — — (2.9 ) (4.3 ) Projected benefit obligation, end of year $ 72.8 $ 78.8 $ 22.8 $ 33.2 Change in plan assets Fair value of plan assets, beginning of year $ 67.5 $ 71.0 $ 23.6 $ 26.1 Actual return on plan assets (0.8 ) 2.5 1.1 1.6 Foreign exchange rate changes — — (1.8 ) (3.2 ) Company contributions 0.6 1.4 0.6 0.7 Benefits paid (2.2 ) (1.8 ) (4.9 ) (1.6 ) Settlement payments (6.0 ) (5.6 ) — — Fair value of plan assets, end of year 59.1 67.5 18.6 23.6 Funded status of the plan, end of year $ (13.7 ) $ (11.3 ) $ (4.2 ) $ (9.6 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in our Consolidated Balance Sheets consisted of the following: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Current assets $ — $ — $ 2.8 $ — Noncurrent assets — — — 1.6 Noncurrent liabilities (13.7 ) (11.3 ) (7.0 ) (11.2 ) Accumulated other comprehensive loss — pre-tax 20.3 19.0 7.3 10.4 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pre-tax amounts recognized in accumulated other comprehensive loss consisted of the following: United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Net actuarial loss $ 20.3 $ 19.0 $ 7.3 $ 12.1 Prior service credit — — — (2.2 ) Transition asset obligation — — — 0.5 Total $ 20.3 $ 19.0 $ 7.3 $ 10.4 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table includes information for pension plans with an accumulated benefit obligation in excess of plan assets. The balances presented as of December 31, 2015 and 2014 exclude our Japan plan which had plan assets in excess of accumulated benefit obligation for both years. United States International As of December 31, As of December 31, 2015 2014 2015 2014 (In millions) Projected benefit obligation, end of year $ 72.8 $ 78.8 $ 22.8 $ 28.7 Accumulated benefit obligation, end of year 72.8 78.8 22.8 28.7 Plan assets at fair value, end of year 59.1 67.5 15.8 17.6 |
Schedule of Net Benefit Costs | Components of net periodic pension cost included the following: United States International Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ — $ — $ — $ 0.2 $ 0.3 $ 0.5 Interest cost 3.0 3.3 3.3 0.5 0.9 2.0 Expected return on plan assets (4.1 ) (4.8 ) (5.1 ) (0.7 ) (0.8 ) (2.5 ) Amortization of net actuarial loss 1.2 1.1 1.9 0.3 0.2 0.5 Amortization of prior service credit — — — (0.2 ) (0.3 ) (0.4 ) Amortization of transition obligation — — — 0.1 0.1 0.3 Net periodic pension cost (credit) 0.1 (0.4 ) 0.1 0.2 0.4 0.4 Settlements and curtailments 1.7 1.1 2.1 (1.5 ) (0.9 ) — Total pension cost $ 1.8 $ 0.7 $ 2.2 $ (1.3 ) $ (0.5 ) $ 0.4 |
Schedule of Assumptions Used | Assumptions used to determine benefit obligations were as follows (international assumptions are a weighted average of all of our international plans): United States International As of December 31, As of December 31, 2015 2014 2015 2014 Discount rate 4.25 % 4.00 % 2.40 % 1.89 % Rate of compensation increase — % — % 3.00 % 2.92 % Assumptions used to determine net periodic benefit costs were as follows (international assumptions are a weighted average of all of our international plans): United States International As of December 31, As of December 31, 2015 2014 2013 2015 2014 2013 Discount rate 4.00 % 4.25 % 4.00 % 1.90 % 3.27 % 2.70 % Expected return on plan assets 6.50 % 7.75 % 7.75 % 3.49 % 3.35 % 4.53 % Rate of compensation increase — % — % — % 2.00 % 2.86 % 2.00 % |
Schedule of Allocation of Plan Assets | The plans' asset allocations by asset category were as follows: United States International As of December 31, As of December 31, 2015 2014 2015 2014 Short-term investments — % 1 % 1 % 1 % Fixed income securities 54 % 23 % 14 % 24 % Equity securities 45 % 57 % — % — % Absolute return strategy equity funds 1 % 19 % — % — % Insurance contracts — % — % 85 % 75 % Total 100 % 100 % 100 % 100 % |
Schedule of Expected Benefit Payments | As of December 31, 2015 , the following reflects estimated future benefit payments in each of the next five years and in the aggregate for the five years thereafter: United States International (In millions) 2016 $15.9 $0.9 2017 4.2 1.0 2018 4.3 1.0 2019 4.4 1.0 2020 5.1 1.0 2021-2025 22.7 5.4 |
Schedule of Fair Value of Plan Assets | The fair value of the plan assets by asset category were as follows: United States December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Mutual Funds Equity securities Large-cap growth funds 10.2 — 10.2 — International growth fund 7.5 4.6 2.9 — Fixed income securities 0.8 0.8 — — Absolute return strategy funds 0.7 — 0.7 — Common stocks 3.2 3.2 — — Commingled trust funds 36.7 — 36.7 — Total $ 59.1 $ 8.6 $ 50.5 $ — International December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Other $ 0.1 $ — $ 0.1 $ — Commingled trust funds 2.7 — 2.7 — Insurance contracts 15.8 — 15.8 — Total $ 18.6 $ — $ 18.6 $ — United States December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Money market securities $ 0.4 $ 0.4 $ — $ — Mutual Funds Equity securities Large-cap growth funds 14.6 — 14.6 — International growth fund 10.8 7.3 3.5 — Fixed income securities 15.5 15.5 — — Absolute return strategy funds 13.2 — 13.2 — Common stocks 7.3 7.3 — — Commingled trust funds 5.7 — 5.7 — Total $ 67.5 $ 30.5 $ 37.0 $ — International December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Short-term investments Other $ 0.3 $ — $ 0.3 $ — Mutual Funds Fixed income securities 5.7 — 5.7 — Insurance contracts 17.6 — 17.6 — Total $ 23.6 $ — $ 23.6 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss from Continuing Operations before Income Taxes | The components of loss from continuing operations before income taxes were as follows: Years Ended December 31, 2015 2014 2013 (In millions) U.S. $ (147.6 ) $ (95.3 ) $ (25.2 ) International (33.9 ) (14.0 ) 2.2 Total $ (181.5 ) $ (109.3 ) $ (23.0 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax provision from continuing operations were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Current Federal $ 0.1 $ 0.5 $ (0.7 ) State (0.4 ) (0.5 ) — International 0.5 (0.1 ) 5.9 Deferred Federal (0.3 ) 1.7 — State — — — International 12.6 1.5 (3.8 ) Total $ 12.5 $ 3.1 $ 1.4 |
Schedule of Income Tax Rate Reconciliation | The income tax provision from continuing operations differs from the amount computed by applying the statutory United States income tax rate ( 35 percent ) because of the following items: Years Ended December 31, 2015 2014 2013 (In millions) Tax at statutory U.S. tax rate $ (63.5 ) $ (38.3 ) $ (8.1 ) State income taxes, net of federal benefit (4.6 ) (3.2 ) (0.2 ) Net effect of international operations 6.6 1.1 3.1 Settlement of UK pension plan — — (2.3 ) Valuation allowances 66.2 22.9 (3.2 ) Tax on unremitted earnings of foreign subsidiaries (6.3 ) 15.9 — U.S. tax on foreign earnings 1.1 4.7 6.2 Stock-based compensation 1.2 2.1 3.1 Uncertain tax positions (0.3 ) (1.2 ) 2.2 Goodwill impairment 10.8 10.7 — Capital losses — (11.4 ) — Other 1.3 (0.2 ) 0.6 Income tax provision $ 12.5 $ 3.1 $ 1.4 |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred tax assets and liabilities were as follows: As of December 31, 2015 2014 (In millions) Accounts receivable allowances $ 2.1 $ 1.6 Inventories 4.0 7.6 Compensation and employee benefits 5.6 6.6 Tax credit carryforwards 30.0 33.9 Net operating loss carryforwards 205.7 149.4 Accrued liabilities and other reserves 3.9 7.0 Pension 7.7 9.0 Property, plant and equipment 9.7 10.2 Intangible assets, net 49.2 49.6 Capital losses 14.1 11.5 Other, net 1.5 0.7 Total deferred tax assets 333.5 287.1 Valuation allowance (325.3 ) (262.4 ) Net deferred tax assets 8.2 24.7 Unremitted earnings of foreign subsidiaries (9.4 ) (15.7 ) Total deferred tax liabilities (9.4 ) (15.7 ) Net deferred tax assets (liabilities) $ (1.2 ) $ 9.0 |
Components of Deferred Tax Balances | The table below shows the components of our deferred tax balances as they are recorded on our Consolidated Balance Sheets: As of December 31 2015 2014 (In millions) Deferred tax asset - current — 3.2 Deferred tax asset - non-current — 8.1 Deferred tax liability - current — — Deferred tax liability - non-current (1.2 ) (2.3 ) Total $ (1.2 ) $ 9.0 |
Schedule of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 (In Millions) Beginning Balance $ 2.1 $ 5.3 $ 4.4 Additions: Additions for tax positions of current years 0.3 0.3 0.3 Additions for tax positions of prior years — 0.1 1.1 Reductions: Reductions for tax positions of prior years — (1.9 ) (0.4 ) Settlements with taxing authorities — (1.3 ) — Reductions due to lapse of statute of limitations (0.7 ) (0.4 ) (0.1 ) Total 1.7 2.1 5.3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth our cash flow hedges which are measured at fair value on a recurring basis. December 31, 2015 December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Derivative assets Foreign currency option contracts $ — $ — $ — $ — $ — $ — Foreign currency forward contracts — — — — 7.3 — Derivative liabilities Foreign currency option contracts — — — — — — Foreign currency forward contracts — — — — — — Total $ — $ — $ — $ — $ 7.3 $ — The following table provides information by level for assets and liabilities that are measured at fair value on a recurring basis for year ended December 31, 2015 : Description December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (In millions) Assets: Trading securities $ 1.0 $ 1.0 $ — $ — Warrants 0.4 — — 0.4 Liabilities: Contingent consideration associated with CDI acquisition 0.8 — 0.8 — |
Schedule of Derivative Instruments | The notional amounts and fair values of our derivative instruments recorded in other current assets and other current liabilities in our Consolidated Financial Statements were as follows: December 31, 2015 December 31, 2014 Fair Value Fair Value Notional Amount Other Current Assets Other Current Liabilities Notional Amount Other Current Assets Other Current Liabilities (In millions) Cash flow hedges designated as hedging instruments $ — $ — $ — $ 86.7 $ 7.3 $ — Other hedges not receiving hedge accounting — — — 23.4 — — Total $ — $ — $ — $ 110.1 $ 7.3 $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Treasury Stock | The following is a summary of treasury share activity: Treasury Shares Balance as of December 31, 2012 1,563,321 Purchases 616,581 Restricted stock grants and other (622,241 ) 401(k) matching contribution (435,735 ) Balance as of December 31, 2013 1,121,926 Purchases 760,268 Exercise of stock options (87,569 ) Restricted stock grants and other (739,408 ) 401(k) matching contribution (427,421 ) Balance as of December 31, 2014 627,796 Purchases 382,448 Exercise of stock options (12,656 ) Restricted stock grants and other (513,878 ) Shares received in TDK transaction (Note 16) 6,675,764 Balance as of December 31, 2015 7,159,474 |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss and related activity consisted of the following: Gains (Losses) on Derivative Financial Instruments Defined Benefit Plans Foreign Currency Translation Total (In millions) Balance as of December 31, 2014 $ 5.1 $ (20.6 ) $ (69.3 ) $ (84.8 ) Other comprehensive (loss) income before reclassifications, net of tax (1) (1.4 ) (1.5 ) (7.5 ) (10.4 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (3.7 ) 2.0 0.8 (0.9 ) Net current period other comprehensive income (loss) (5.1 ) 0.5 (6.7 ) (11.3 ) Balance as of December 31, 2015 $ — $ (20.1 ) $ (76.0 ) $ (96.1 ) (1) Income tax benefit of $0.8 million was recorded for unrealized gains on derivative financial instruments and no income tax expense was recorded for liability adjustments for defined benefit plans for the year ended December 31, 2015 . |
Reclassification Out of Accumulated Other Comprehensive Income | Details of amounts reclassified from Accumulated other comprehensive loss and the line item in our Consolidated Statement of Operations for the year ended December 31, 2015 are as follows: Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Loss is Presented (In millions) (Gains) losses on cash flow hedges $ (5.6 ) Cost of goods sold Income tax expense 1.9 Income tax (benefit) provision Net (gains) losses on cash flow hedges (3.7 ) Amortization of net actuarial loss 1.7 Selling, general and administrative Pension settlement loss (0.2 ) Restructuring and other Income tax expense 0.5 Income tax (benefit) provision Net pension adjustments, net of tax 2.0 Foreign currency translation 0.8 Other (income) expense Total reclassifications for the period $ (0.9 ) |
Business Segment Information 37
Business Segment Information and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenue and Operating Income (Loss) by Segment | Net revenue and operating income (loss) by segment were as follows: Years Ended December 31, 2015 2014 2013 (In millions) Net Revenue Nexsan $ 62.8 $ 63.5 78.2 IronKey 18.9 20.6 22.4 Storage Media and Accessories 447.5 645.4 760.2 Total Net Revenue $ 529.2 $ 729.5 $ 860.8 Years Ended December 31, 2015 2014 2013 (In millions) Operating Income (Loss) Nexsan $ (25.4 ) $ (34.3 ) $ (14.8 ) IronKey (6.9 ) (10.4 ) (12.5 ) Storage Media and Accessories (2.2 ) 25.7 55.9 Total segment operating income (loss) (34.5 ) (19.0 ) 28.6 Corporate and unallocated (142.8 ) (85.1 ) (48.7 ) Total operating loss (177.3 ) (104.1 ) (20.1 ) Interest income (0.4 ) (0.5 ) (0.2 ) Interest expense 3.3 2.6 2.5 Other expense, net 1.3 3.1 0.6 Loss from continuing operations before income taxes $ (181.5 ) $ (109.3 ) $ (23.0 ) |
Schedule of Net Revenue by Geographical Region | The following table presents net revenue by geographical region based on the country in which the revenue originated: Years Ended December 31, 2015 2014 2013 (In millions) Net Revenue United States $ 207.2 $ 253.6 $ 348.1 International 322.0 475.9 512.7 Total $ 529.2 $ 729.5 $ 860.8 |
Schedule of Long-Lived Assets by Geographical Region | The following table presents long-lived assets by geographical region: As of December 31, 2015 2014 2013 (In millions) Long-Lived Assets United States $ 3.0 $ 41.6 $ 47.0 International 1.6 3.4 4.6 Total $ 4.6 $ 45.0 $ 51.6 |
Litigation, Commitments and C38
Litigation, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense | The following table sets forth the components of net rent expense for the years ended December 31: 2015 2014 2013 (In millions) Minimum lease payments $ 8.1 $ 7.8 $ 8.5 Contingent rentals 0.1 1.6 3.8 Rental income (8.2 ) (8.6 ) (8.4 ) Sublease income — — (0.5 ) Total rental expense, net $ — $ 0.8 $ 3.4 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table sets forth the minimum rental payments under operating leases with non-cancellable terms in excess of one year as of December 31, 2015 . The Company will keep a small team and its headquarters in Minnesota in 2016, and those lease costs are included below. The amount for 2016 includes an estimate of the lease termination fees that we will have to pay in order to cancel certain leases upon the full wind-down of our legacy business. 2016 2017 2018 2019 2020 Thereafter Total (In millions) Minimum lease payments $ 2.7 $ 0.9 $ 0.8 $ 0.6 $ 0.4 $ 0.3 $ 5.7 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | First Second Third Fourth Total (1) (In millions, except per share amounts) 2014 Net revenue $ 178.9 $ 178.6 $ 175.0 $ 197.0 $ 729.5 Gross profit 33.7 33.9 31.2 39.6 138.4 Goodwill impairment — — 35.4 — 35.4 Restructuring and other 2.1 5.2 4.2 2.1 13.6 Operating loss (16.1 ) (20.1 ) (55.8 ) (12.1 ) (104.1 ) Loss from continuing operations (16.8 ) (19.8 ) (61.4 ) (14.4 ) (112.4 ) Loss from discontinued operations (0.7 ) (1.6 ) — — (2.3 ) Net loss (17.5 ) (21.4 ) (61.4 ) (14.4 ) (114.7 ) Loss per common share, continuing operations: Basic $ (0.41 ) $ (0.48 ) $ (1.49 ) $ (0.35 ) $ (2.74 ) Diluted (0.41 ) (0.48 ) (1.49 ) (0.35 ) (2.74 ) Loss per common share, discontinued operations: Basic (0.02 ) (0.04 ) — — (0.06 ) Diluted (0.02 ) (0.04 ) — — (0.06 ) Loss per common share, net income: Basic (0.43 ) (0.52 ) (1.49 ) (0.35 ) (2.80 ) Diluted (0.43 ) (0.52 ) (1.49 ) (0.35 ) (2.80 ) 2015 Net revenue $ 155.4 $ 150.6 $ 129.2 $ 94.0 $ 529.2 Gross profit 34.0 29.0 13.4 24.9 101.3 Goodwill impairment — — 36.1 — 36.1 Intangible impairments — — 37.6 — 37.6 Restructuring and other 1.2 1.5 40.2 5.0 47.9 Operating loss (13.0 ) (15.9 ) (148.7 ) 0.3 (177.3 ) Loss from continuing operations (14.4 ) (17.4 ) (152.3 ) (9.9 ) (194.0 ) Loss from discontinued operations — — — — — Net loss (14.4 ) (17.4 ) (152.3 ) (9.9 ) (194.0 ) Loss per common share, continuing operations: Basic $ (0.35 ) $ (0.42 ) $ (3.70 ) $ (0.27 ) $ (4.84 ) Diluted (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) Loss per common share, discontinued operations: Basic — — — — — Diluted — — — — — Loss per common share, net income: Basic (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) Diluted (0.35 ) (0.42 ) (3.70 ) (0.27 ) (4.84 ) _______________________________________ (1) The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Background and Basis of Prese40
Background and Basis of Presentation Background and Basis of Presentation (Details) - segment | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reporting segments | 3 | 2 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | Oct. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Line Items] | ||||
Assets held for sale | $ 20.6 | $ 1.2 | ||
Depreciation | 7 | 8.8 | $ 9.4 | |
Non-income based taxes included in revenue | 4.9 | 7.1 | 10.3 | |
Goodwill | $ 3.8 | 36.1 | $ 72.1 | |
Connected Data, Inc. | ||||
Accounting Policies [Line Items] | ||||
Consideration transferred | $ 6.7 | |||
Goodwill | $ 3.8 | |||
Building | Minimum | ||||
Accounting Policies [Line Items] | ||||
Useful lives | 10 years | |||
Building | Maximum | ||||
Accounting Policies [Line Items] | ||||
Useful lives | 20 years | |||
Machinery and equipment | Minimum | ||||
Accounting Policies [Line Items] | ||||
Useful lives | 5 years | |||
Machinery and equipment | Maximum | ||||
Accounting Policies [Line Items] | ||||
Useful lives | 10 years | |||
Other Current Assets | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | $ 9.9 | |||
Other Assets | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | $ 1.9 | $ 2.2 |
(Loss) Earnings per Common Sh42
(Loss) Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Numerator: | |||||||||||||
Loss from continuing operations | $ (9.9) | $ (152.3) | $ (17.4) | $ (14.4) | $ (14.4) | $ (61.4) | $ (19.8) | $ (16.8) | $ (194) | [1] | $ (112.4) | [1] | $ (24.4) |
Loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | (1.6) | (0.7) | 0 | [1] | (2.3) | [1] | (20) |
Net loss | $ (9.9) | $ (152.3) | $ (17.4) | $ (14.4) | $ (14.4) | $ (61.4) | $ (21.4) | $ (17.5) | $ (194) | [1] | $ (114.7) | [1] | $ (44.4) |
Denominator: | |||||||||||||
Weighted average number of common shares outstanding during the period (in shares) | 40.1 | 41 | 40.5 | ||||||||||
Dilutive effect of stock-based compensation plans (in shares) | 0 | 0 | 0 | ||||||||||
Weighted average number of diluted shares outstanding during the period (in shares) | 40.1 | 41 | 40.5 | ||||||||||
Basic loss per common share: | |||||||||||||
Continuing operations (dollars per share) | $ (0.27) | $ (3.70) | $ (0.42) | $ (0.35) | $ (0.35) | $ (1.49) | $ (0.48) | $ (0.41) | $ (4.84) | [1] | $ (2.74) | [1] | $ (0.60) |
Discontinued operations (dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.02) | 0 | [1] | (0.06) | [1] | (0.49) |
Net loss (dollars per share) | (0.27) | (3.70) | (0.42) | (0.35) | (0.35) | (1.49) | (0.52) | (0.43) | (4.84) | [1] | (2.80) | [1] | (1.10) |
Diluted loss per common share: | |||||||||||||
Continuing operations (dollars per share) | (0.27) | (3.70) | (0.42) | (0.35) | (0.35) | (1.49) | (0.48) | (0.41) | (4.84) | [1] | (2.74) | [1] | (0.60) |
Discontinued operations (dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.02) | 0 | [1] | (0.06) | [1] | (0.49) |
Net loss (dollars per share) | $ (0.27) | $ (3.70) | $ (0.42) | $ (0.35) | $ (0.35) | $ (1.49) | $ (0.52) | $ (0.43) | $ (4.84) | [1] | $ (2.80) | [1] | $ (1.10) |
Stock Options | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Anti-dilutive shares excluded from calculation (in shares) | 3.6 | 4.5 | 6.1 | ||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) | Oct. 14, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||||||||||||||||
Goodwill impairment | $ 0 | $ 36,100,000 | $ 0 | $ 0 | $ 0 | $ 35,400,000 | $ 0 | $ 0 | $ 36,100,000 | [1] | $ 35,400,000 | [1] | $ 0 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||||||||||
Goodwill | 3,800,000 | $ 36,100,000 | 3,800,000 | $ 36,100,000 | $ 72,100,000 | ||||||||||||
Other - developed technology | $ 4,300,000 | ||||||||||||||||
Connected Data, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||
Business Combination, Contingent Consideration, Estimated Fair Value | $ 800,000 | ||||||||||||||||
Cash paid to acquired entity | $ 700,000 | ||||||||||||||||
Common stock paid to acquired entity, shares | 1,511,151 | ||||||||||||||||
Common stock paid to acquired entity, value | $ 2,600,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||||||||||
Cash | 200,000 | ||||||||||||||||
Inventory | 200,000 | ||||||||||||||||
Prepaid and other | 100,000 | ||||||||||||||||
Intangible assets | 4,300,000 | ||||||||||||||||
Goodwill | 3,800,000 | ||||||||||||||||
Accounts payable | (700,000) | ||||||||||||||||
Accrued expenses | (1,100,000) | ||||||||||||||||
Deferred revenue - current | (100,000) | ||||||||||||||||
Total purchase price | 6,700,000 | ||||||||||||||||
Other - developed technology | $ 4,300,000 | ||||||||||||||||
Repayment of debt | 2,600,000 | ||||||||||||||||
Future contingent consideration | 5,000,000 | ||||||||||||||||
Connected Data, Inc. | Other - developed technology | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||||||||||
Other - developed technology | $ 4,300,000 | ||||||||||||||||
Acquired finite-lived intangible assets, weighted average life | 6 years | ||||||||||||||||
Scenario, Forecast | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Cash paid to acquired entity | $ 300,000 | $ 300,000 | $ 100,000 | ||||||||||||||
Common Stock | Connected Data, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Discount rate | 15.00% | ||||||||||||||||
Common Stock | Scenario, Forecast | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Common stock paid to acquired entity, shares | 574,819 | 574,819 | 313,538 | ||||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Acquisitions and Divestitures44
Acquisitions and Divestitures - Discontinued Operations (Details) $ in Millions | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 04, 2016USD ($) | Oct. 15, 2013USD ($)Receivable | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Total impairment charge | $ 24.6 | $ 1.8 | $ 0 | ||||||||||||||
Asset disposals and write-downs | 99.3 | 37.8 | 7.1 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||||||
Net revenue | 0 | 0.4 | 40.7 | ||||||||||||||
(Loss) gain on sale of discontinued businesses, net of income taxes | 0 | (1.7) | 0.9 | ||||||||||||||
Loss from operations of discontinued businesses, before income taxes | 0 | (0.6) | (14.2) | ||||||||||||||
Adjustment to carrying value of disposal group | 0 | 0 | (6.7) | ||||||||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||||||||
Loss from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1.6) | $ (0.7) | 0 | [1] | (2.3) | [1] | (20) | ||||
Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Sale of business, total consideration | $ 9.3 | ||||||||||||||||
Number of receivables from purchaser | Receivable | 2 | ||||||||||||||||
Cash payment received from sale of business | $ 0.9 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||||||||||||||
(Loss) gain on sale of discontinued businesses, net of income taxes | 0.9 | ||||||||||||||||
XtremeMac Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Cash payment received from sale of business | $ 0.3 | ||||||||||||||||
Notes receivable | 0.3 | ||||||||||||||||
Total impairment charge | 6.7 | ||||||||||||||||
First Receivable | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | 1.3 | 1.6 | 1.3 | 1.6 | $ 3.8 | ||||||||||||
First Receivable | Other Current Assets | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | $ 2.9 | 2.9 | |||||||||||||||
Second Receivable | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | 5.5 | ||||||||||||||||
To Be Received in 2014 | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | 0.2 | ||||||||||||||||
To Be Received in 2014 | Other Current Assets | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | $ 0.2 | $ 0.2 | |||||||||||||||
To Be Received in 2018 | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Contingent consideration note receivable increments, high range | $ 2.2 | ||||||||||||||||
Notes Receivable | XtremeMac Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Decrease in expected contingent consideration receivable | 1.2 | ||||||||||||||||
Future Proceeds from Sale of Acquired Inventory | XtremeMac Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Sale of business, total consideration | $ 3 | ||||||||||||||||
Loss from Discontinued Operations | XtremeMac Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Asset disposals and write-downs | $ 1.2 | $ 1.2 | |||||||||||||||
Subsequent Event | Second Receivable | Memorex Consumer Electronics Business | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Notes receivable | $ 5.5 | ||||||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Supplemental Balance Sheet In45
Supplemental Balance Sheet Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Inventories | ||||
Finished goods | $ 2,400,000 | $ 51,100,000 | ||
Work in process | 700,000 | 700,000 | ||
Raw materials and supplies | 7,400,000 | 5,900,000 | ||
Total inventories | 10,500,000 | 57,700,000 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment, gross | 15,200,000 | 184,000,000 | ||
Less accumulated depreciation | (10,600,000) | (139,000,000) | ||
Property, plant and equipment, net | 4,600,000 | 45,000,000 | ||
Assets held for sale | ||||
Impairment of long-lived assets to be disposed of | 3,500,000 | |||
Total impairment charge | 24,600,000 | 1,800,000 | $ 0 | |
Impairment of long-lived assets to be disposed of, adjustment to accumulated depreciation | 21,100,000 | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Reserves and allowances, beginning balance | [1] | 9,100,000 | 14,500,000 | 18,000,000 |
Additions | [1] | 9,900,000 | 2,900,000 | 6,600,000 |
Write-offs, net of recoveries | [1] | (10,000,000) | (8,300,000) | (10,100,000) |
Reserves and allowances, ending balance | [1] | 9,000,000 | 9,100,000 | $ 14,500,000 |
Other Liabilities, Current [Abstract] | ||||
Rebates payable | 5,500,000 | 26,900,000 | ||
Accrued payroll | 6,200,000 | 18,400,000 | ||
Deferred Revenue | 8,200,000 | 8,300,000 | ||
Restructuring accruals | 16,900,000 | 1,300,000 | ||
Other current liabilities | 28,800,000 | 43,300,000 | ||
Total other current liabilities | 65,600,000 | 98,200,000 | ||
Land | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment, gross | 0 | 1,200,000 | ||
Buildings and leasehold improvements | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment, gross | 4,900,000 | 94,700,000 | ||
Machinery and equipment | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment, gross | 10,300,000 | 88,000,000 | ||
Construction in progress | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment, gross | 0 | 100,000 | ||
Building | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment, net | 32,100,000 | |||
Assets held for sale | ||||
Amount transferred out of property, plant and equipment | 125,600,000 | |||
Accumulated depreciation | 93,500,000 | |||
PP&E write down | 11,000,000 | |||
Other Current Assets | ||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Restricted cash | 9,900,000 | 0 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | ||||
Assets held for sale | ||||
Disposal group, intangible assets | 9,400,000 | 0 | ||
Disposal group, assets | 20,600,000 | 1,200,000 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Land and Buildings | ||||
Assets held for sale | ||||
Disposal group, property, plant and equipment | 11,000,000 | 0 | ||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Other Facilities | ||||
Assets held for sale | ||||
Disposal group, property, plant and equipment | $ 200,000 | $ 1,200,000 | ||
[1] | Accounts receivable reserves and allowances include estimated amounts for customer returns, discounts on payment terms and the inability of certain customers to make the required payment. |
Intangible Assets and Goodwil46
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Cost | $ 4.3 | $ 4.3 | $ 140.5 | |||||
Accumulated amortization | (0.1) | (0.1) | (82.6) | |||||
Intangible assets, net | 4.2 | 4.2 | 57.9 | |||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
December 31, 2014 | $ 57.9 | 57.9 | ||||||
Acquisition | 4.3 | |||||||
Amortization | 9.8 | 12.9 | $ 13.2 | |||||
Impairment of Intangible Assets, Finite-lived | 0 | $ (37.6) | $ 0 | 0 | (37.6) | [1] | 0 | $ 0 |
Foreign currency translation | (0.2) | |||||||
TDK brand transaction | (4.5) | |||||||
Memorex trademark (Note 18) | (5.9) | |||||||
December 31, 2015 | 4.2 | 4.2 | 57.9 | |||||
Trade Names | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Cost | 0 | 0 | 34.2 | |||||
Accumulated amortization | 0 | 0 | (14) | |||||
Intangible assets, net | 0 | 0 | 20.2 | |||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
December 31, 2014 | 20.2 | 20.2 | ||||||
Acquisition | 0 | |||||||
Amortization | 3.8 | |||||||
Impairment of Intangible Assets, Finite-lived | (6) | |||||||
Foreign currency translation | 0 | |||||||
TDK brand transaction | (4.5) | |||||||
Memorex trademark (Note 18) | (5.9) | |||||||
December 31, 2015 | 0 | 0 | 20.2 | |||||
Software | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Cost | 0 | 0 | 60.1 | |||||
Accumulated amortization | 0 | 0 | (55.3) | |||||
Intangible assets, net | 0 | 0 | 4.8 | |||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
December 31, 2014 | 4.8 | 4.8 | ||||||
Acquisition | 0 | |||||||
Amortization | 1.7 | |||||||
Impairment of Intangible Assets, Finite-lived | (3.1) | |||||||
Foreign currency translation | 0 | |||||||
TDK brand transaction | 0 | |||||||
Memorex trademark (Note 18) | 0 | |||||||
December 31, 2015 | 0 | 0 | 4.8 | |||||
Customer Relationships | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Cost | 0 | 0 | 20 | |||||
Accumulated amortization | 0 | 0 | (3.7) | |||||
Intangible assets, net | 0 | 0 | 16.3 | |||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
December 31, 2014 | 16.3 | 16.3 | ||||||
Acquisition | 0 | |||||||
Amortization | 1.6 | |||||||
Impairment of Intangible Assets, Finite-lived | (14.7) | |||||||
Foreign currency translation | 0 | |||||||
TDK brand transaction | 0 | |||||||
Memorex trademark (Note 18) | 0 | |||||||
December 31, 2015 | 0 | 0 | 16.3 | |||||
Other | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||
Cost | 4.3 | 4.3 | 26.2 | |||||
Accumulated amortization | (0.1) | (0.1) | (9.6) | |||||
Intangible assets, net | 4.2 | 4.2 | 16.6 | |||||
Finite-lived Intangible Assets [Roll Forward] | ||||||||
December 31, 2014 | $ 16.6 | 16.6 | ||||||
Acquisition | 4.3 | |||||||
Amortization | 2.7 | |||||||
Impairment of Intangible Assets, Finite-lived | (13.8) | |||||||
Foreign currency translation | (0.2) | |||||||
TDK brand transaction | 0 | |||||||
Memorex trademark (Note 18) | 0 | |||||||
December 31, 2015 | $ 4.2 | $ 4.2 | $ 16.6 | |||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Intangible Assets and Goodwil47
Intangible Assets and Goodwill Intangible Assets and Goodwill - Estimated Amortization Expense (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 0.7 |
2,017 | 0.7 |
2,018 | 0.7 |
2,019 | 0.7 |
2,020 | $ 0.6 |
Intangible Assets and Goodwil48
Intangible Assets and Goodwill - Intangible Assets Narrative (Details) - USD ($) | Oct. 14, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 3,800,000 | $ 3,800,000 | $ 36,100,000 | $ 72,100,000 | |||||||
Intangible impairments | 0 | $ 37,600,000 | $ 0 | $ 0 | 37,600,000 | [1] | 0 | $ 0 | |||
Acquisition | 4,300,000 | ||||||||||
Carrying value of intangible asset | 4,200,000 | 4,200,000 | 57,900,000 | ||||||||
Other - developed technology | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Carrying value of intangible asset | 4,200,000 | 4,200,000 | |||||||||
Software | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Intangible impairments | 3,100,000 | ||||||||||
Acquisition | 0 | ||||||||||
Carrying value of intangible asset | 0 | $ 0 | $ 4,800,000 | ||||||||
Storage and Security Solutions | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $ 0 | $ 0 | |||||||||
Income approach valuation technique | Finite-Lived Intangible Assets | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Discounted forecasted cash flow period | 10 years | ||||||||||
Discount rate | 16.00% | ||||||||||
Minimum | Income approach valuation technique | Finite-Lived Intangible Assets | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Terminal growth rates | 0.00% | ||||||||||
Maximum | Income approach valuation technique | Finite-Lived Intangible Assets | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Terminal growth rates | 3.00% | ||||||||||
Connected Data, Inc. | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Goodwill | $ 3,800,000 | ||||||||||
Acquisition | $ 4,300,000 | ||||||||||
Connected Data, Inc. | Other - developed technology | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Acquisition | $ 4,300,000 | ||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Intangible Assets and Goodwil49
Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Goodwill [Line Items] | |||||||||||||
Goodwill | $ 3.8 | $ 36.1 | $ 36.1 | $ 72.1 | $ 36.1 | $ 72.1 | $ 72.1 | ||||||
Goodwill impairment | 0 | $ 36.1 | $ 0 | 0 | 0 | $ 35.4 | $ 0 | 0 | 36.1 | [1] | 35.4 | [1] | 0 |
Goodwill [Roll Forward] | |||||||||||||
Goodwill, gross, beginning balance | 248.7 | 249.3 | 248.7 | 249.3 | |||||||||
Accumulated impairment losses, beginning balance | (212.6) | (177.2) | (212.6) | (177.2) | |||||||||
Goodwill, beginning balance | 36.1 | 72.1 | 36.1 | 72.1 | |||||||||
Goodwill impairment | (35.4) | ||||||||||||
Foreign currency translation | 0 | (0.6) | |||||||||||
Goodwill from acquisition of Connected Data, Inc. | 3.8 | ||||||||||||
Goodwill impairment | 0 | $ (36.1) | $ 0 | 0 | 0 | $ (35.4) | $ 0 | 0 | (36.1) | [1] | (35.4) | [1] | 0 |
Goodwill, gross, ending balance | 252.5 | 248.7 | 252.5 | 248.7 | 249.3 | ||||||||
Accumulated impairment losses, ending balance | (248.7) | (212.6) | (248.7) | (212.6) | (177.2) | ||||||||
Goodwill, ending balance | 3.8 | 36.1 | 3.8 | 36.1 | 72.1 | ||||||||
Nexsan Corporation | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill | 3.8 | 28.1 | 28.1 | 64.1 | 28.1 | 64.1 | 64.1 | ||||||
Goodwill impairment | 28.1 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill, gross, beginning balance | 63.5 | 64.1 | 63.5 | 64.1 | |||||||||
Accumulated impairment losses, beginning balance | (35.4) | 0 | (35.4) | 0 | |||||||||
Goodwill, beginning balance | 28.1 | 64.1 | 28.1 | 64.1 | |||||||||
Goodwill impairment | (35.4) | ||||||||||||
Foreign currency translation | (0.6) | ||||||||||||
Goodwill from acquisition of Connected Data, Inc. | 3.8 | ||||||||||||
Goodwill impairment | (28.1) | ||||||||||||
Goodwill, gross, ending balance | 67.3 | 63.5 | 67.3 | 63.5 | 64.1 | ||||||||
Accumulated impairment losses, ending balance | (63.5) | (35.4) | (63.5) | (35.4) | 0 | ||||||||
Goodwill, ending balance | 3.8 | 28.1 | 3.8 | 28.1 | 64.1 | ||||||||
Imation Mobile Security (IronKey Brand) | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill | 0 | 8 | 8 | 8 | 8 | 8 | $ 8 | ||||||
Goodwill impairment | 8 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill, gross, beginning balance | 32.9 | 32.9 | 32.9 | 32.9 | |||||||||
Accumulated impairment losses, beginning balance | (24.9) | (24.9) | (24.9) | (24.9) | |||||||||
Goodwill, beginning balance | 8 | 8 | 8 | 8 | |||||||||
Goodwill impairment | |||||||||||||
Foreign currency translation | $ 0 | ||||||||||||
Goodwill from acquisition of Connected Data, Inc. | |||||||||||||
Goodwill impairment | $ (8) | ||||||||||||
Goodwill, gross, ending balance | 32.9 | 32.9 | 32.9 | 32.9 | $ 32.9 | ||||||||
Accumulated impairment losses, ending balance | (32.9) | (24.9) | (32.9) | (24.9) | (24.9) | ||||||||
Goodwill, ending balance | 0 | 8 | 0 | 8 | 8 | ||||||||
Storage Media and Accessories | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Goodwill impairment | 0 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill, gross, beginning balance | 152.3 | 152.3 | 152.3 | 152.3 | |||||||||
Accumulated impairment losses, beginning balance | (152.3) | (152.3) | (152.3) | (152.3) | |||||||||
Goodwill, beginning balance | $ 0 | $ 0 | 0 | 0 | |||||||||
Goodwill impairment | 0 | ||||||||||||
Foreign currency translation | 0 | 0 | |||||||||||
Goodwill from acquisition of Connected Data, Inc. | 0 | ||||||||||||
Goodwill impairment | 0 | ||||||||||||
Goodwill, gross, ending balance | 152.3 | 152.3 | 152.3 | 152.3 | 152.3 | ||||||||
Accumulated impairment losses, ending balance | (152.3) | (152.3) | (152.3) | (152.3) | (152.3) | ||||||||
Goodwill, ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Income approach valuation technique | Goodwill | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Discounted forecasted cash flow period | 10 years | ||||||||||||
Discount rate | 16.50% | ||||||||||||
Discounted forecasted cash flows period | 10 years | ||||||||||||
Terminal growth rate | 3.00% | ||||||||||||
Discount rate adjustment | 2.00% | ||||||||||||
Discount rate before adjustment | 14.50% | ||||||||||||
Nexsan Corporation | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill impairment | $ 28.1 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill impairment | (28.1) | ||||||||||||
Imation Mobile Security (IronKey Brand) | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill impairment | 8 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill impairment | $ (8) | ||||||||||||
Storage and Security Solutions | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill impairment | $ 35.4 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill impairment | $ (35.4) | ||||||||||||
Minimum | Income approach valuation technique | Goodwill | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Terminal growth rates | 0.00% | ||||||||||||
Discount rate | 16.00% | ||||||||||||
Maximum | Income approach valuation technique | Goodwill | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Terminal growth rates | 3.00% | ||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Restructuring and Other Expen50
Restructuring and Other Expense - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Inventory write-offs | $ 9.7 | $ 4.6 | $ 2.7 | |||||||||||
Charges | 28.6 | 5.4 | 5.2 | |||||||||||
Acquisition and integration related costs | 0.5 | 0 | 2.8 | |||||||||||
Other restructuring charges | 2.6 | 1.2 | 2.4 | |||||||||||
Severance related to discontinued operations | 24.5 | 3.9 | 2.1 | |||||||||||
Asset disposals and write-downs | 99.3 | 37.8 | 7.1 | |||||||||||
Other expenses including certain employee costs and consulting fees | (5) | 5.7 | 0.4 | |||||||||||
Gain on sale | 0 | 0 | 9.8 | |||||||||||
Property, plant and equipment, net | $ 4.6 | $ 4.6 | $ 45 | 4.6 | 45 | |||||||||
Gain (loss) on disposition of business | 4.5 | 0 | 0 | |||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments Related to Restructuring | 0.8 | (0.2) | (2.1) | |||||||||||
Gain from TDK transaction (non-cash) | (9.1) | 0 | 0 | |||||||||||
Restructuring and other | 5 | $ 40.2 | $ 1.5 | $ 1.2 | $ 2.1 | $ 4.2 | $ 5.2 | $ 2.1 | 47.9 | [1] | 13.6 | [1] | 11.3 | |
Restructuring and other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Asset disposals and write-downs | 1.8 | |||||||||||||
Other expenses including certain employee costs and consulting fees | 5.7 | |||||||||||||
Gain (loss) on disposition of business | 5 | |||||||||||||
Cost of Sales | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Inventory write-offs | 9.7 | 4.6 | 2.7 | |||||||||||
Restructuring Plan | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Severance related to discontinued operations | 24.5 | |||||||||||||
Restructuring expected cost | 120 | 120 | 120 | |||||||||||
Restructuring expected cash expenditures | 35 | |||||||||||||
2012 Global Processing Improvement Restructuring Program | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charges | 28.6 | 4.4 | ||||||||||||
Severance and Related | 2012 Global Processing Improvement Restructuring Program | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charges | 24.5 | 3.7 | ||||||||||||
Lease Termination Costs | 2012 Global Processing Improvement Restructuring Program | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charges | 1.5 | 0.1 | ||||||||||||
Other | 2012 Global Processing Improvement Restructuring Program | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charges | 2.6 | 0.6 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | Restructuring and other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Asset disposals and write-downs | 24.6 | |||||||||||||
Disposals of miscellaneous assets | 3.6 | 0.8 | ||||||||||||
PP&E write down | 21 | 21 | 21 | |||||||||||
RDX Storage | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Gain (loss) on disposition of business | 4.5 | 4.8 | ||||||||||||
RDX Storage | Restructuring and other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Gain (loss) on disposition of business | 4.5 | |||||||||||||
Weatherford, Oklahoma | Disposal Group, Held-for-sale, Not Discontinued Operations | Restructuring and other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Asset disposals and write-downs | $ 1 | |||||||||||||
CALIFORNIA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Gain on sale | $ 9.8 | |||||||||||||
Building | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Property, plant and equipment, net | 32.1 | 32.1 | 32.1 | |||||||||||
PP&E write down | 11 | $ 11 | 11 | |||||||||||
Connected Data, Inc. | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Acquisition and integration related costs | $ 0.5 | |||||||||||||
Affiliated Entity | License Agreement Termination | Restructuring and other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Gain from TDK transaction (non-cash) | $ 9.1 | |||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Restructuring and Other Expen51
Restructuring and Other Expense - Schedule of Restructuring and Other Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Restructuring and Related Activities [Abstract] | |||||||||||||
Severance and related | $ 24.5 | $ 3.9 | $ 2.1 | ||||||||||
Lease termination costs | 1.5 | 0.3 | 0.7 | ||||||||||
Other | 2.6 | 1.2 | 2.4 | ||||||||||
Total restructuring | 28.6 | 5.4 | 5.2 | ||||||||||
Settlement of UK pension plan | 0 | 0.5 | 10.6 | ||||||||||
Gain on sale of fixed assets held for sale | 0 | 0 | (9.8) | ||||||||||
Acquisition and integration related costs | 0.5 | 0 | 2.8 | ||||||||||
Pension settlement/curtailment | (0.8) | 0.2 | 2.1 | ||||||||||
Asset disposals / write down | 24.6 | 1.8 | 0 | ||||||||||
Other expenses | (5) | 5.7 | 0.4 | ||||||||||
Total | $ 5 | $ 40.2 | $ 1.5 | $ 1.2 | $ 2.1 | $ 4.2 | $ 5.2 | $ 2.1 | $ 47.9 | [1] | $ 13.6 | [1] | $ 11.3 |
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Restructuring and Other Expen52
Restructuring and Other Expense - Schedule of Restructuring Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Charges | $ 28.6 | $ 5.4 | $ 5.2 |
2012 Global Processing Improvement Restructuring Program | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance, beginning of period | 1.3 | 3.4 | |
Charges | 28.6 | 4.4 | |
Usage | (13) | (6.7) | |
Currency impacts | 0 | 0.2 | |
Accrued balance, end of period | 16.9 | 1.3 | 3.4 |
Severance and Related | 2012 Global Processing Improvement Restructuring Program | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance, beginning of period | 0.8 | 2.2 | |
Charges | 24.5 | 3.7 | |
Usage | (11.1) | (5.1) | |
Currency impacts | 0 | 0 | |
Accrued balance, end of period | 14.2 | 0.8 | 2.2 |
Lease Termination Costs | 2012 Global Processing Improvement Restructuring Program | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance, beginning of period | 0.3 | 0.4 | |
Charges | 1.5 | 0.1 | |
Usage | (0.6) | (0.2) | |
Currency impacts | 0 | 0 | |
Accrued balance, end of period | 1.2 | 0.3 | 0.4 |
Other | 2012 Global Processing Improvement Restructuring Program | |||
Restructuring Reserve [Roll Forward] | |||
Accrued balance, beginning of period | 0.2 | 0.8 | |
Charges | 2.6 | 0.6 | |
Usage | (1.3) | (1.4) | |
Currency impacts | 0 | 0.2 | |
Accrued balance, end of period | $ 1.5 | $ 0.2 | $ 0.8 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) | May. 22, 2015USD ($)directorshares | Dec. 31, 2015USD ($)plan$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 1,700,000 | $ 5,300,000 | $ 6,300,000 | ||
Number of stock-based compensation award plans | plan | 4 | ||||
Options expiration term | 10 years | ||||
Award vesting period | 4 years | ||||
Number of stock-based compensation awards consisting of stock options and restricted stock outstanding (in shares) | shares | 2,135,693 | ||||
Aggregate intrinsic value (less than) | $ 100,000 | 100,000 | $ 800,000 | ||
Intrinsic value of options exercised in period (less than) | $ 100,000 | $ 100,000 | |||
Grants in period, weighted average grant date fair value (dollars per share) | $ / shares | $ 0.60 | $ 1.72 | $ 1.61 | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 400,000 | $ 1,400,000 | $ 2,700,000 | ||
Granted in period, shares (in shares) | shares | 1,314,547 | 61,275 | 1,034,406 | ||
Aggregate intrinsic value (less than) | $ 0 | $ 0 | $ 800,000 | $ 0 | |
Tax benefit from stock-based compensation expense | 100,000 | $ 500,000 | 900,000 | ||
Total unrecognized compensation expense related to non-vested stock | $ 700,000 | ||||
Total unrecognized compensation expense related to non-vested stock, period of recognition | 2 years 9 months 18 days | ||||
Performance-based Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted in period, shares (in shares) | shares | 24,547 | 61,275 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 1,300,000 | $ 3,900,000 | 3,600,000 | ||
Tax benefit from stock-based compensation expense | 500,000 | 1,500,000 | 1,500,000 | ||
Total unrecognized compensation expense related to non-vested stock | $ 1,600,000 | ||||
Total unrecognized compensation expense related to non-vested stock, period of recognition | 3 years 7 months 6 days | ||||
Stock-based compensation capitalized | $ 0 | 0 | 0 | ||
Deferred tax assets, recognized tax benefit | 0 | 0 | 0 | ||
Total fair value of shares vested in period | $ 3,400,000 | $ 3,800,000 | $ 3,900,000 | ||
Number of shares granted (in shares) | shares | 1,724,518 | 1,229,249 | 837,443 | ||
Vested (in shares) | shares | 868,985 | 734,533 | 561,099 | ||
Forfeited (in shares) | shares | 1,041,674 | 338,120 | 109,827 | ||
Performance-based Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted in period, shares (in shares) | shares | 1,264,661 | 914,768 | |||
Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | shares | 2,725,330 | 659,473 | 3,108,128 | ||
Stock Incentive Plan 2011 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock-based compensation awards consisting of stock options and restricted stock outstanding (in shares) | shares | 3,578,304 | ||||
Number of shares authorized to award | shares | 6,000,000 | ||||
Number of shares available for grant (in shares) | shares | 125,649 | ||||
Stock Incentive Plan 2011 | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options expiration term | 10 years | ||||
Award vesting period | 3 years | ||||
Share-based Compensation Award, Tranche One | Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of options that vest if minimum trading period price is reached | 50.00% | ||||
Vesting period for minimum stock price average | 30 days | ||||
Minimum average share price for vesting (in usd per share) | $ / shares | $ 8 | ||||
Share-based Compensation Award, Tranche Two | Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of options that vest if minimum trading period price is reached | 50.00% | ||||
Vesting period for minimum stock price average | 30 days | ||||
Minimum average share price for vesting (in usd per share) | $ / shares | $ 12 | ||||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of New Directors | director | 3 | ||||
Director | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested (in shares) | shares | 225,347 | ||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 1,000,000 | ||||
Forfeited (in shares) | shares | 866,820 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility | 41.00% | 46.00% | 43.00% |
Risk-free interest rate | 1.84% | 1.93% | 1.05% |
Expected life (months) | 72 months | 73 months | 72 months |
Dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Roll Forward] | ||||
Exercised (in shares) | (12,656) | (87,569) | ||
Weighted Average Exercise Price [Roll Forward] | ||||
Aggregate Intrinsic Value | $ 0.1 | $ 0.1 | $ 0.8 | |
Stock Options | ||||
Stock Options [Roll Forward] | ||||
Outstanding, Beginning Balance (in shares) | 3,897,986 | 5,371,538 | 5,818,472 | |
Granted (in shares) | 1,314,547 | 61,275 | 1,034,406 | |
Exercised (in shares) | (20,000) | (87,569) | 0 | |
Canceled (in shares) | (574,368) | (881,069) | (1,069,192) | |
Forfeited (in shares) | (66,944) | (566,189) | (412,148) | |
Outstanding, Ending Balance (in shares) | 4,551,221 | 3,897,986 | 5,371,538 | 5,818,472 |
Weighted Average Exercise Price [Roll Forward] | ||||
Oustanding, Beginning Balance (dollars per share) | $ 13.07 | $ 13.11 | $ 16.57 | |
Granted (dollars per share) | 1.45 | 3.72 | 3.85 | |
Exercised (dollars per share) | 3.84 | 3.97 | 0 | |
Canceled (dollars per share) | 19.68 | 19.05 | 25.22 | |
Forfeited (dollars per share) | 6.16 | 4.14 | 7.13 | |
Outstanding, Ending Balance (dollars per share) | $ 9.02 | $ 13.07 | $ 13.11 | $ 16.57 |
Weighted Average Remaining Contractual Life (Years) | 4 years 4 months 24 days | 4 years 9 months 18 days | 6 years 1 month 6 days | 5 years 10 months 24 days |
Aggregate Intrinsic Value | $ 0 | $ 0 | $ 0.8 | $ 0 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Exercisable and Expected to Vest (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | $ 3.48 |
Range of exercise prices, upper range limit (in dollars per share) | $ 46.97 |
Exercisable options, stock options, shares | shares | 3,096,241 |
Exercisable options, weighted average remaining contractual life | 2 years 6 months |
Exercisable options, weighted average exercise price (in dollars per share) | $ 12.47 |
Options expected to vest, stock options, shares | shares | 1,158,188 |
Options expected to vest, weighted average remaining contractual life | 8 years 2 months 12 days |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 1.73 |
$3.48 to $6.16 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 3.48 |
Range of exercise prices, upper range limit (in dollars per share) | $ 6.16 |
Exercisable options, stock options, shares | shares | 833,362 |
Exercisable options, weighted average remaining contractual life | 3 years 9 months 14 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 5.18 |
Options expected to vest, stock options, shares | shares | 1,158,188 |
Options expected to vest, weighted average remaining contractual life | 8 years 2 months 12 days |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 1.73 |
$6.17 to $9.64 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 6.17 |
Range of exercise prices, upper range limit (in dollars per share) | $ 9.64 |
Exercisable options, stock options, shares | shares | 422,603 |
Exercisable options, weighted average remaining contractual life | 2 years 3 months 18 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 8.62 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$9.65 to $19.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 9.65 |
Range of exercise prices, upper range limit (in dollars per share) | $ 19.20 |
Exercisable options, stock options, shares | shares | 1,244,009 |
Exercisable options, weighted average remaining contractual life | 2 years 6 months |
Exercisable options, weighted average exercise price (in dollars per share) | $ 10.05 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$19.21 to $23.95 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 19.21 |
Range of exercise prices, upper range limit (in dollars per share) | $ 23.95 |
Exercisable options, stock options, shares | shares | 7,500 |
Exercisable options, weighted average remaining contractual life | 1 year |
Exercisable options, weighted average exercise price (in dollars per share) | $ 20.31 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$23.96 to $28.70 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 23.96 |
Range of exercise prices, upper range limit (in dollars per share) | $ 28.70 |
Exercisable options, stock options, shares | shares | 342,612 |
Exercisable options, weighted average remaining contractual life | 1 year 3 months 18 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 24.61 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$28.71 to $39.38 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 28.71 |
Range of exercise prices, upper range limit (in dollars per share) | $ 39.38 |
Exercisable options, stock options, shares | shares | 152,170 |
Exercisable options, weighted average remaining contractual life | 9 months 18 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 37.25 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$39.39 to $41.75 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 39.39 |
Range of exercise prices, upper range limit (in dollars per share) | $ 41.75 |
Exercisable options, stock options, shares | shares | 93,985 |
Exercisable options, weighted average remaining contractual life | 3 months 18 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 41.61 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
$41.76 to $46.97 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, lower range limit (in dollars per share) | 41.76 |
Range of exercise prices, upper range limit (in dollars per share) | $ 46.97 |
Exercisable options, stock options, shares | shares | 0 |
Exercisable options, weighted average remaining contractual life | 0 years |
Exercisable options, weighted average exercise price (in dollars per share) | $ 0 |
Options expected to vest, stock options, shares | shares | 0 |
Options expected to vest, weighted average remaining contractual life | 0 years |
Options expected to vest, weighted average exercise price (in dollars per share) | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, Beginning Balance (in shares) | 1,348,917 | 1,192,321 | 1,025,804 |
Granted (in shares) | 1,724,518 | 1,229,249 | 837,443 |
Vested (in shares) | (868,985) | (734,533) | (561,099) |
Forfeited (in shares) | (1,041,674) | (338,120) | (109,827) |
Nonvested, Ending Balance (in shares) | 1,162,776 | 1,348,917 | 1,192,321 |
Weighted Average Grant Date Fair Value Per Share [Roll Forward] | |||
Nonvested, Beginning Balance (dollars per share) | $ 3.81 | $ 4.87 | $ 7.12 |
Granted (dollars per share) | 2.89 | 3.65 | 3.75 |
Vested (dollars per share) | 3.90 | 5.19 | 6.99 |
Forfeited (dollars per share) | 3.85 | 3.95 | 6.59 |
Nonvested, Ending Balance (dollars per share) | $ 2.34 | $ 3.81 | $ 4.87 |
Stock-Based Compensation - St58
Stock-Based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, Beginning Balance (in shares) | 2,974,932 | 3,018,842 | 0 |
Granted (in shares) | 2,725,330 | 659,473 | 3,108,128 |
Cancellations (shares) | (1,905,328) | (703,383) | (89,286) |
Nonvested, Ending Balance (in shares) | 3,794,934 | 2,974,932 | 3,018,842 |
Retirement Plans - Pension Plan
Retirement Plans - Pension Plans Narrative (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2010 | Dec. 31, 2009 | Sep. 30, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Total pension expense | $ 0.5 | $ 0.2 | $ 2.6 | |||
Settlement of UK pension plan, credit to income taxes | 0 | 0 | (2.3) | |||
Settlement of UK pension plan | 0 | 0.5 | 10.6 | |||
Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions in current fiscal year | 1.2 | |||||
United States | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions in current fiscal year | $ 0.6 | 1.4 | ||||
Minimum service years to be entitled to pension benefits | 3 years | |||||
Pay credits as a percentage of each participant's eligible earnings | 0.03 | 0.06 | ||||
Interest credit rate in current year | 0.0304 | |||||
Interest credit rate in next fiscal year | 0.0303 | |||||
Pension settlement loss | $ 1.7 | 1.1 | 2.1 | |||
Defined benefit plan, curtailments | 0 | 0 | ||||
Noncurrent assets | 0 | 0 | ||||
International | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer contributions in current fiscal year | 0.6 | 0.7 | ||||
Defined benefit plan, curtailments | 0.6 | 0 | ||||
Noncurrent assets | 0 | $ 1.6 | ||||
Minimum | Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated future employer contributions in next fiscal year | 1 | |||||
Maximum | Pension Plans, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated future employer contributions in next fiscal year | 2 | |||||
Japan | International | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, curtailments | 1.5 | |||||
United Kingdom | International | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension settlement loss | 10.6 | |||||
Settlement of UK pension plan, credit to income taxes | $ 2.3 | |||||
Noncurrent assets | $ 6.4 | |||||
Restructuring and other | United Kingdom | International | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement of UK pension plan | $ 0.5 |
Retirement Plans - Benefit of O
Retirement Plans - Benefit of Obligations and Plan Assets, Change to Benefit Obligations and Plan Assets, and Funded Status of Defined Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
United States | |||
Change in benefit obligation | |||
Projected benefit obligation, beginning of year | $ 78.8 | $ 78.5 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 3 | 3.3 | 3.3 |
Actuarial (gain) loss | (0.8) | 4.4 | |
Benefits paid | (2.2) | (1.8) | |
Settlements | (6) | (5.6) | |
Defined Benefit Plan, Curtailments | 0 | 0 | |
Foreign exchange rate changes | 0 | 0 | |
Projected benefit obligation, end of year | 72.8 | 78.8 | 78.5 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 67.5 | 71 | |
Actual return on plan assets | (0.8) | 2.5 | |
Foreign exchange rate changes | 0 | 0 | |
Company contributions | 0.6 | 1.4 | |
Benefits paid | (2.2) | (1.8) | |
Settlements | (6) | (5.6) | |
Fair value of plan assets, end of year | 59.1 | 67.5 | 71 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status of the plan, end of year | (13.7) | (11.3) | |
International | |||
Change in benefit obligation | |||
Projected benefit obligation, beginning of year | 33.2 | 31.4 | |
Service cost | 0.2 | 0.3 | 0.5 |
Interest cost | 0.5 | 0.9 | 2 |
Actuarial (gain) loss | (2.7) | 6.5 | |
Benefits paid | (4.9) | (1.6) | |
Settlements | 0 | 0 | |
Defined Benefit Plan, Curtailments | (0.6) | 0 | |
Foreign exchange rate changes | (2.9) | (4.3) | |
Projected benefit obligation, end of year | 22.8 | 33.2 | 31.4 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 23.6 | 26.1 | |
Actual return on plan assets | 1.1 | 1.6 | |
Foreign exchange rate changes | (1.8) | (3.2) | |
Company contributions | 0.6 | 0.7 | |
Benefits paid | (4.9) | (1.6) | |
Settlements | 0 | 0 | |
Fair value of plan assets, end of year | 18.6 | 23.6 | $ 26.1 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status of the plan, end of year | $ (4.2) | $ (9.6) |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
United States | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current assets | $ 0 | $ 0 |
Noncurrent assets | 0 | 0 |
Noncurrent liabilities | (13.7) | (11.3) |
Accumulated other comprehensive loss — pre-tax | 20.3 | 19 |
International | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Current assets | 2.8 | 0 |
Noncurrent assets | 0 | 1.6 |
Noncurrent liabilities | (7) | (11.2) |
Accumulated other comprehensive loss — pre-tax | $ 7.3 | $ 10.4 |
Retirement Plans - Amounts Re62
Retirement Plans - Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
United States | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Net actuarial loss | $ 20.3 | $ 19 |
Prior service credit | 0 | 0 |
Transition asset obligation | 0 | 0 |
Total | 20.3 | 19 |
International | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||
Net actuarial loss | 7.3 | 12.1 |
Prior service credit | 0 | (2.2) |
Transition asset obligation | 0 | 0.5 |
Total | $ 7.3 | $ 10.4 |
Retirement Plans - Pension Pl63
Retirement Plans - Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
United States | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation, end of year | $ 72.8 | $ 78.8 |
Accumulated benefit obligation, end of year | 72.8 | 78.8 |
Plan assets at fair value, end of year | 59.1 | 67.5 |
International | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation, end of year | 22.8 | 28.7 |
Accumulated benefit obligation, end of year | 22.8 | 28.7 |
Plan assets at fair value, end of year | $ 15.8 | $ 17.6 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Benefit Cost (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Settlements and curtailments | $ 200,000 | $ 200,000 | $ 12,700,000 |
Estimated amortization of net actuarial loss amount | 1,400,000 | ||
Estimated amortization of net prior service credit | 200,000 | ||
Estimated amortization of net obligation at transition | 100,000 | ||
United States | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 3,000,000 | 3,300,000 | 3,300,000 |
Expected return on plan assets | (4,100,000) | (4,800,000) | (5,100,000) |
Amortization of net actuarial loss | 1,200,000 | 1,100,000 | 1,900,000 |
Amortization of prior service credit | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 0 | 0 |
Net periodic pension cost (credit) | 100,000 | (400,000) | 100,000 |
Settlements and curtailments | 1,700,000 | 1,100,000 | 2,100,000 |
Total pension cost | 1,800,000 | 700,000 | 2,200,000 |
International | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 200,000 | 300,000 | 500,000 |
Interest cost | 500,000 | 900,000 | 2,000,000 |
Expected return on plan assets | (700,000) | (800,000) | (2,500,000) |
Amortization of net actuarial loss | 300,000 | 200,000 | 500,000 |
Amortization of prior service credit | (200,000) | (300,000) | (400,000) |
Amortization of transition obligation | 100,000 | 100,000 | 300,000 |
Net periodic pension cost (credit) | 200,000 | 400,000 | 400,000 |
Settlements and curtailments | (1,500,000) | (900,000) | 0 |
Total pension cost | (1,300,000) | (500,000) | 400,000 |
Minimum | International | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Total pension cost for individual plan (less than) | 100,000 | 100,000 | 100,000 |
Total pension credit for individual plan (less than) | 100,000 | 100,000 | 100,000 |
Maximum | International | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Total pension cost for individual plan (less than) | 300,000 | 400,000 | 500,000 |
Total pension credit for individual plan (less than) | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 |
Retirement Plans - Weighted Ave
Retirement Plans - Weighted Average Assumptions Used in Calculating Benefit Obligation (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
United States | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.25% | 4.00% |
Rate of compensation increase | 0.00% | 0.00% |
International | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.40% | 1.89% |
Rate of compensation increase | 3.00% | 2.92% |
Retirement Plans - Weighted A66
Retirement Plans - Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
United States | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.00% | 4.25% | 4.00% |
Expected return on plan assets | 6.50% | 7.75% | 7.75% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
International | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 1.90% | 3.27% | 2.70% |
Expected return on plan assets | 3.49% | 3.35% | 4.53% |
Rate of compensation increase | 2.00% | 2.86% | 2.00% |
Retirement Plans - Information
Retirement Plans - Information about Plan Assets (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed income securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Target plan asset allocations range, minimum | 45.00% | |
Target plan asset allocations range, maximum | 75.00% | |
Equity securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Target plan asset allocations range, minimum | 20.00% | |
Target plan asset allocations range, maximum | 50.00% | |
Other investments | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Target plan asset allocations range, minimum | 0.00% | |
Target plan asset allocations range, maximum | 5.00% | |
United States | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 100.00% | 100.00% |
United States | Short-term investments | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 0.00% | 1.00% |
United States | Fixed income securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 54.00% | 23.00% |
United States | Equity securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 45.00% | 57.00% |
United States | Other investments | Absolute return strategy equity funds | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 1.00% | 19.00% |
United States | Other investments | Insurance contracts | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 0.00% | 0.00% |
International | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 100.00% | 100.00% |
International | Short-term investments | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 1.00% | 1.00% |
International | Fixed income securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 14.00% | 24.00% |
International | Equity securities | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 0.00% | 0.00% |
International | Other investments | Absolute return strategy equity funds | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 0.00% | 0.00% |
International | Other investments | Insurance contracts | ||
Defined Benefit Plan, Information about Plan Assets [Abstract] | ||
Actual plan asset allocations | 85.00% | 75.00% |
Retirement Plans - Expected Fut
Retirement Plans - Expected Future Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
United States | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 15.9 |
2,017 | 4.2 |
2,018 | 4.3 |
2,019 | 4.4 |
2,020 | 5.1 |
2021-2025 | 22.7 |
International | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | 0.9 |
2,017 | 1 |
2,018 | 1 |
2,019 | 1 |
2,020 | 1 |
2021-2025 | $ 5.4 |
Retirement Plans - Fair Value o
Retirement Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 59.1 | $ 67.5 | $ 71 |
United States | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.6 | 30.5 | |
United States | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 50.5 | 37 | |
United States | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Short-term investments | Money market securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.4 | ||
United States | Short-term investments | Money market securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States | Short-term investments | Money market securities | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
United States | Equity securities | Large-cap growth funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | Large-cap growth funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.2 | 14.6 | |
United States | Equity securities | Large-cap growth funds | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | International growth fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.6 | 7.3 | |
United States | Equity securities | International growth fund | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.9 | 3.5 | |
United States | Equity securities | International growth fund | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.2 | 7.3 | |
United States | Equity securities | Common Stock | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | Common Stock | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | Commingled trust funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Equity securities | Commingled trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36.7 | 5.7 | |
United States | Equity securities | Commingled trust funds | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.8 | 15.5 | |
United States | Fixed income securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Fixed income securities | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Other investments | Absolute return strategy equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | Other investments | Absolute return strategy equity funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | 13.2 | |
United States | Other investments | Absolute return strategy equity funds | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.6 | 23.6 | $ 26.1 |
International | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.6 | 23.6 | |
International | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | Short-term investments | Short-term Investments - Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | Short-term investments | Short-term Investments - Other | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | 0.3 | |
International | Short-term investments | Short-term Investments - Other | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International | Fixed income securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.7 | ||
International | Fixed income securities | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International | Other investments | Commingled trust funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International | Other investments | Commingled trust funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.7 | ||
International | Other investments | Commingled trust funds | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International | Other investments | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International | Other investments | Insurance contracts | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15.8 | 17.6 | |
International | Other investments | Insurance contracts | Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Estimate of Fair Value | United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 59.1 | 67.5 | |
Estimate of Fair Value | United States | Short-term investments | Money market securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.4 | ||
Estimate of Fair Value | United States | Equity securities | Large-cap growth funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.2 | 14.6 | |
Estimate of Fair Value | United States | Equity securities | International growth fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.5 | 10.8 | |
Estimate of Fair Value | United States | Equity securities | Common Stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.2 | 7.3 | |
Estimate of Fair Value | United States | Equity securities | Commingled trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36.7 | 5.7 | |
Estimate of Fair Value | United States | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.8 | 15.5 | |
Estimate of Fair Value | United States | Other investments | Absolute return strategy equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | 13.2 | |
Estimate of Fair Value | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.6 | 23.6 | |
Estimate of Fair Value | International | Short-term investments | Short-term Investments - Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | 0.3 | |
Estimate of Fair Value | International | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.7 | ||
Estimate of Fair Value | International | Other investments | Commingled trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.7 | ||
Estimate of Fair Value | International | Other investments | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 15.8 | $ 17.6 |
Retirement Plans - Employee Ret
Retirement Plans - Employee Retirement Savings Plans (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | |
401(k) retirement savings plan | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Employee contribution of eligible compensation for matching, percent | 1 | |||
Employer matching contribution, percent | 5.00% | |||
Cost recognized to match employee 401(k) contributions | $ 1,400,000 | $ 1,800,000 | $ 1,700,000 | |
Variable compensation program | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Employer matching contribution, percent | 3.00% | |||
Employer contribution amount | $ 700,000 | $ 700,000 | ||
2013 Plan Year | Variable compensation program | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Employer contribution amount | $ 900,000 | $ 400,000 | ||
2012 Plan Year | Variable compensation program | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Employer contribution amount | $ 0 |
Income Taxes - Loss from Contin
Income Taxes - Loss from Continuing Operations before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | |||
U.S. | $ (147.6) | $ (95.3) | $ (25.2) |
International | (33.9) | (14) | 2.2 |
Loss from continuing operations before income taxes | $ (181.5) | $ (109.3) | $ (23) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 0.1 | $ 0.5 | $ (0.7) |
State | (0.4) | (0.5) | 0 |
International | 0.5 | (0.1) | 5.9 |
Deferred | |||
Federal | (0.3) | 1.7 | 0 |
State | 0 | 0 | 0 |
International | 12.6 | 1.5 | (3.8) |
Income tax provision | $ 12.5 | $ 3.1 | $ 1.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 35.00% | ||
Income tax provision | $ 12.5 | $ 3.1 | $ 1.4 |
Valuation allowance | 12.6 | ||
Liability for unremitted foreign earnings included in income tax expense | 1.7 | ||
Cash paid for income taxes | $ 1.9 | $ 4.7 | $ 4.6 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Tax at statutory U.S. tax rate | $ (63.5) | $ (38.3) | $ (8.1) |
State income taxes, net of federal benefit | (4.6) | (3.2) | (0.2) |
Net effect of international operations | 6.6 | 1.1 | 3.1 |
Settlement of UK pension plan | 0 | 0 | (2.3) |
Valuation allowances | 66.2 | 22.9 | (3.2) |
Tax on unremitted earnings of foreign subsidiaries | (6.3) | 15.9 | 0 |
U.S. tax on foreign earnings | 1.1 | 4.7 | 6.2 |
Stock-based compensation | 1.2 | 2.1 | 3.1 |
Uncertain tax positions | (0.3) | (1.2) | 2.2 |
Goodwill impairment | 10.8 | 10.7 | 0 |
Capital losses | 0 | (11.4) | 0 |
Other | 1.3 | (0.2) | 0.6 |
Income tax provision | $ 12.5 | $ 3.1 | $ 1.4 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Net [Abstract] | ||
Accounts receivable allowances | $ 2.1 | $ 1.6 |
Inventories | 4 | 7.6 |
Compensation and employee benefits | 5.6 | 6.6 |
Tax credit carryforwards | 30 | 33.9 |
Net operating loss carryforwards | 205.7 | 149.4 |
Accrued liabilities and other reserves | 3.9 | 7 |
Pension | 7.7 | 9 |
Property, plant and equipment | 9.7 | 10.2 |
Intangible assets, net | 49.2 | 49.6 |
Capital losses | 14.1 | 11.5 |
Other, net | 1.5 | 0.7 |
Total deferred tax assets | 333.5 | 287.1 |
Valuation allowance | (325.3) | (262.4) |
Net deferred tax assets | 8.2 | 24.7 |
Unremitted earnings of foreign subsidiaries | (9.4) | (15.7) |
Total deferred tax liabilities | (9.4) | (15.7) |
Net deferred tax (liabilities) | (1.2) | |
Net deferred tax assets | 9 | |
Deferred tax asset - current | 0 | 3.2 |
Deferred tax asset - non-current | 0 | 8.1 |
Deferred tax liability - current | 0 | 0 |
Deferred tax liability - non-current | $ (1.2) | $ (2.3) |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Deferred tax liabilities | $ 9.4 | $ 15.7 |
Unremitted foreign earnings in deferred tax liabilities | 9.4 | $ 15.7 |
Unremitted foreign earnings in deferred tax liabilities to be offset by net operating losses | 8.2 | |
Unremitted foreign earnings in deferred tax liabilities related to foreign tax withholding | 1.2 | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 467.1 | |
Operating loss carry forwards, after application of internal revenue code section 382 | 27.9 | |
U.S. and Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 30 | |
U.S. and Foreign | 2015 to 2017 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 5.3 | |
U.S. and Foreign | 2018 to 2032 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 22.3 | |
U.S. and Foreign | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 2.4 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 459.2 | |
State and Local Jurisdiction | 2015 to 2017 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1.1 | |
Foreign Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 76.9 | |
Foreign Tax Authority | 2015 to 2017 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 0.5 | |
Foreign Tax Authority | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 43.3 | |
Foreign Tax Authority | Various dates up to 2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 33.1 | |
Capital Loss Carryforward | Federal | 2019 | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | $ 36.7 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 2.1 | $ 5.3 | $ 4.4 |
Additions: Tax positions of current years | 0.3 | 0.3 | 0.3 |
Additions: Tax positions of prior years | 0 | 0.1 | 1.1 |
Reductions: Tax positions of prior years | 0 | (1.9) | (0.4) |
Reductions: Settlements with taxing authorities | 0 | (1.3) | 0 |
Reductions: Lapse of statute of limitations | (0.7) | (0.4) | (0.1) |
Unrecognized tax benefits, ending balance | 1.7 | 2.1 | 5.3 |
Reduction related to prior year tax position | 0 | 1.9 | 0.4 |
Unrecognized tax benefits that would impact effective tax rate | 1.5 | ||
Interest and penalties recorded (benefit) expense | (0.1) | 0.4 | 0.8 |
Interest and penalties accrued | $ 0.1 | $ 0.2 | $ 1.1 |
Debt (Details)
Debt (Details) ¥ in Millions, $ in Millions | Nov. 25, 2015USD ($) | Oct. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015JPY (¥) | Dec. 31, 2014JPY (¥) |
Line of Credit Facility [Line Items] | |||||||
Short-term debt | $ 0.2 | $ 18.9 | |||||
Interest expense | 3.3 | 2.6 | $ 2.5 | ||||
Cash paid for interest | 1.2 | 1.8 | $ 1.7 | ||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Extinguishment of debt, amount | $ 10.4 | ||||||
Interest expense, debt | $ 1.1 | ||||||
Line of credit facility, amount outstanding | 0.5 | ||||||
Revolving Credit Facility | Other Assets | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt issuance costs | 0 | ||||||
Foreign Line of Credit | Japan | |||||||
Line of Credit Facility [Line Items] | |||||||
Extinguishment of debt, amount | $ 7.6 | ||||||
Interest expense, debt | 0.1 | ||||||
Extinguishment of debt, early termination penalty | $ 0.1 | ||||||
Foreign Overdraft Line of Credit | Japan | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit facility, amount outstanding | $ 2.5 | ¥ 300 | |||||
Line of credit facility, available amount | $ 5 | ¥ 600 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured On a Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Millions | Dec. 31, 2015USD ($) |
Assets: | |
Trading securities | $ 1 |
Warrants | 0.4 |
Liabilities: | |
Contingent consideration associated with CDI acquisition | 0.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Assets: | |
Trading securities | 1 |
Warrants | 0 |
Liabilities: | |
Contingent consideration associated with CDI acquisition | 0 |
Significant Other Observable Inputs (Level 2) | |
Assets: | |
Trading securities | 0 |
Warrants | 0 |
Liabilities: | |
Contingent consideration associated with CDI acquisition | 0.8 |
Unobservable Inputs (Level 3) | |
Assets: | |
Trading securities | 0 |
Warrants | 0.4 |
Liabilities: | |
Contingent consideration associated with CDI acquisition | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 13, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gain (loss) on disposition of business | $ 4.5 | $ 0 | $ 0 | ||
Estimate of Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Line of credit facility, amount outstanding | $ 0.2 | $ 0.2 | |||
Foreign Exchange Contract | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Derivative instrument range, low | 1 month | ||||
Derivative instrument range, high | 16 months | ||||
RDX Storage | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Sale of inventory, value | $ 1.5 | ||||
Gain (loss) on disposition of business | 4.5 | $ 4.8 | |||
Gain (loss) on shares acquired through disposition of business | (0.5) | (0.3) | |||
Sphere 3D | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity, fair value disclosure | $ 0.5 | $ 0.5 | |||
Sphere 3D | RDX Storage | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Shares received in disposal (in shares) | 1,500,000 | ||||
Common Stock | Sphere 3D | RDX Storage | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or rights (shares) | 250,000 | 250,000 | 250,000 | ||
Class of warrant or right, exercise price of warrants or rights (USD per share) | $ 0.01 | ||||
Other Nonoperating Income (Expense) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gain on derivative instruments | $ 1.7 | ||||
Sphere 3D | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Trading Securities, Equity, Number Of Shares | 1,200,000 | ||||
Proceeds from Sale of Trading Securities Held-for-investment | $ 2.7 |
Fair Value Measurements - Cash
Fair Value Measurements - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on disposition of business | $ 4.5 | $ 0 | $ 0 | |
Cash flow hedges | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative duration period (or less) | 12 months | 0 years | ||
Fair Value, Measurements, Recurring | Cash flow hedges | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | $ 0 | $ 0 | $ 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 0 | 0 | 7.3 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency option contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 0 | |
Derivative liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency option contracts | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 0 | |
Derivative liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency option contracts | Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 0 | |
Derivative liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency forward contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 0 | |
Derivative liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency forward contracts | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 7.3 | |
Derivative liabilities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring | Cash flow hedges | Foreign currency forward contracts | Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | 0 | |
Derivative liabilities | 0 | 0 | $ 0 | |
RDX Storage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gain (loss) on disposition of business | 4.5 | 4.8 | ||
Gain (loss) on shares acquired through disposition of business | $ 0.5 | $ 0.3 |
Fair Value Measurements - Other
Fair Value Measurements - Other Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional Amount | $ 0 | $ 110.1 | |
Foreign currency forward contracts | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (Loss) on foreign currency contracts | (0.3) | 0.8 | $ 1.7 |
Other Current Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | 0 | 7.3 | |
Other Current Liabilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative liabilities fair value | 0 | 0 | |
Hedges designated as hedging instruments | Cash flow hedges | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional Amount | 0 | 86.7 | |
Hedges designated as hedging instruments | Cash flow hedges | Other Current Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | 0 | 7.3 | |
Hedges designated as hedging instruments | Cash flow hedges | Other Current Liabilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative liabilities fair value | 0 | 0 | |
Other hedges not receiving hedge accounting | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional Amount | 0 | 23.4 | |
Other hedges not receiving hedge accounting | Other Current Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative assets fair value | 0 | 0 | |
Other hedges not receiving hedge accounting | Other Current Liabilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative liabilities fair value | 0 | 0 | |
Other Expense | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Foreign currency transaction gain (loss) | $ 0.9 | $ 2.2 | $ 0.5 |
Shareholders' Equity - Treasury
Shareholders' Equity - Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 44 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | May. 02, 2012 | |
Class of Stock [Line Items] | |||||
Purchase of treasury stock | $ 1.7 | $ 2.5 | $ 2.5 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1.7 | $ 2.5 | $ 2.5 | ||
Movement in Treasury Stock [Roll Forward] | |||||
Treasury Shares, Beginning Balance (in shares) | 627,796 | 1,121,926 | 1,563,321 | ||
Purchases (in shares) | 382,448 | 760,268 | 616,581 | ||
Exercise of stock options (in shares) | (12,656) | (87,569) | |||
Restricted stock grants and other (in shares) | (513,878) | (739,408) | (622,241) | ||
401(k) matching contribution (in shares) | (427,421) | (435,735) | |||
Shares received in TDK transaction (Note 16) | 6,675,764 | ||||
Treasury Shares, Ending Balance (in shares) | 7,159,474 | 627,796 | 1,121,926 | 7,159,474 | |
Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of shares authorized to be repurchased (dollars per share) | 5,000,000 | ||||
Stock repurchased during period (in shares) | 3,000,000 | ||||
Purchase of treasury stock | $ 13.3 | ||||
Remaining number of shares authorized to be repurchased (in shares) | 2,000,000 | 2,000,000 | |||
Average price per share of treasury stock acquired and held (dollars per share) | $ 3.84 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 1.7 | ||||
Movement in Treasury Stock [Roll Forward] | |||||
Purchases (in shares) | 382,448 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ (84,800,000) | |
Other comprehensive (loss) income before reclassifications, net of tax (1) | (10,400,000) | [1] |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (900,000) | |
Net current period other comprehensive income (loss) | (11,300,000) | |
Ending Balance | (96,100,000) | |
Tax on unrealized gains on derivative financial instruments | 800,000 | |
Liability adjustments for defined benefit plans | 0 | |
Accumulated foreign currency translation losses | 76,000,000 | |
Gains (Losses) on Derivative Financial Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 5,100,000 | |
Other comprehensive (loss) income before reclassifications, net of tax (1) | (1,400,000) | [1] |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (3,700,000) | |
Net current period other comprehensive income (loss) | (5,100,000) | |
Ending Balance | 0 | |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (20,600,000) | |
Other comprehensive (loss) income before reclassifications, net of tax (1) | (1,500,000) | [1] |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 2,000,000 | |
Net current period other comprehensive income (loss) | 500,000 | |
Ending Balance | (20,100,000) | |
Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (69,300,000) | |
Other comprehensive (loss) income before reclassifications, net of tax (1) | (7,500,000) | [1] |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 800,000 | |
Net current period other comprehensive income (loss) | (6,700,000) | |
Ending Balance | $ (76,000,000) | |
[1] | Income tax benefit of $0.8 million was recorded for unrealized gains on derivative financial instruments and no income tax expense was recorded for liability adjustments for defined benefit plans for the year ended December 31, 2015. |
Shareholders' Equity - Reclassi
Shareholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Selling, general and administrative | $ 137.8 | $ 174.7 | $ 181.6 | ||||||||||
Restructuring and other | $ 5 | $ 40.2 | $ 1.5 | $ 1.2 | $ 2.1 | $ 4.2 | $ 5.2 | $ 2.1 | 47.9 | [1] | 13.6 | [1] | 11.3 |
Other (income) expense | 4.2 | 5.2 | 2.9 | ||||||||||
Income tax provision | 12.5 | 3.1 | 1.4 | ||||||||||
Net loss | $ (9.9) | $ (152.3) | $ (17.4) | $ (14.4) | $ (14.4) | $ (61.4) | $ (21.4) | $ (17.5) | (194) | [1] | $ (114.7) | [1] | $ (44.4) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Net loss | (0.9) | ||||||||||||
Gains (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Cost of goods sold | (5.6) | ||||||||||||
Income tax provision | 1.9 | ||||||||||||
Net loss | (3.7) | ||||||||||||
Pension Adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Selling, general and administrative | 1.7 | ||||||||||||
Restructuring and other | (0.2) | ||||||||||||
Income tax provision | 0.5 | ||||||||||||
Net loss | 2 | ||||||||||||
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Other (income) expense | $ 0.8 | ||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Shareholders' Equity - 382 Righ
Shareholders' Equity - 382 Rights Agreement (Details) | 12 Months Ended | ||
Dec. 31, 2015day$ / sharesshares | Aug. 07, 2015 | Dec. 31, 2014$ / shares | |
Class of Stock [Line Items] | |||
Beneficial ownership percentage | 4.90% | ||
Class of warrant or right called by each warrant or right | 1 | ||
Class of warrant or right, number of securities called by each warrant or right (share) | shares | 0.01 | ||
Preferred Stock, par value (dollars per share) | $ 0.01 | $ 0.01 | |
Acquiring person threshold | 0.50% | ||
Business days for acquiring person | day | 10 | ||
Percentage transfer threshold assets, cashflow, and earning power | 50.00% | ||
Ownership percentage for board of exchange rights | 50.00% | ||
Right redemption price (dollars per share) | $ 0.001 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Price per share of sale of stock (dollars per share) | $ 15 |
Business Segment Information 87
Business Segment Information and Geographic Data - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | Dec. 31, 2013USD ($) | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenue | $ 94 | $ 129.2 | $ 150.6 | $ 155.4 | $ 197 | $ 175 | $ 178.6 | $ 178.9 | $ 529.2 | [1] | $ 729.5 | [1] | $ 860.8 |
Number of reporting segments | segment | 3 | 2 | |||||||||||
Goodwill impairment | 0 | 36.1 | 0 | 0 | 0 | 35.4 | 0 | 0 | $ 36.1 | [1] | $ 35.4 | [1] | 0 |
Intangible impairments | 0 | 37.6 | 0 | 0 | 37.6 | [1] | 0 | 0 | |||||
Restructuring and other | $ 5 | $ 40.2 | $ 1.5 | $ 1.2 | $ 2.1 | $ 4.2 | $ 5.2 | $ 2.1 | 47.9 | [1] | 13.6 | [1] | 11.3 |
Litigation settlement | 0 | 0 | (2.5) | ||||||||||
Inventory write-offs | 9.7 | 4.6 | 2.7 | ||||||||||
Accounts receivable write-offs | 5.2 | 1 | 1 | ||||||||||
Gain on sale | 0 | 0 | 9.8 | ||||||||||
Corporate and unallocated | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Goodwill impairment | 36.1 | 35.4 | |||||||||||
Intangible impairments | 37.6 | ||||||||||||
Restructuring and other | $ 47.9 | $ 13.6 | 11.3 | ||||||||||
Litigation settlement | $ 2.5 | ||||||||||||
Sales Revenue, Net | Geographic Concentration Risk | Japan | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Concentration risk, percentage | 10.00% | ||||||||||||
Net revenue | Geographic Concentration Risk | Japan | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Concentration risk, percentage | 24.00% | 23.50% | 20.60% | ||||||||||
Corporate Segment | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Other Expenses | $ 21.2 | $ 36.1 | $ 39.1 | ||||||||||
International | United Kingdom | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Pension settlement loss | 10.6 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | CALIFORNIA | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Gain on sale | $ 9.8 | ||||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Business Segment Information 88
Business Segment Information and Geographic Data - Net Revenue and Operating Income (Loss) by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | $ 94 | $ 129.2 | $ 150.6 | $ 155.4 | $ 197 | $ 175 | $ 178.6 | $ 178.9 | $ 529.2 | [1] | $ 729.5 | [1] | $ 860.8 |
Operating Income (Loss) | $ 0.3 | $ (148.7) | $ (15.9) | $ (13) | $ (12.1) | $ (55.8) | $ (20.1) | $ (16.1) | (177.3) | [1] | (104.1) | [1] | (20.1) |
Interest income | (0.4) | (0.5) | (0.2) | ||||||||||
Interest expense | 3.3 | 2.6 | 2.5 | ||||||||||
Other expense, net | 1.3 | 3.1 | 0.6 | ||||||||||
Loss from continuing operations before income taxes | (181.5) | (109.3) | (23) | ||||||||||
Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 529.2 | 729.5 | 860.8 | ||||||||||
Operating Income (Loss) | (34.5) | (19) | 28.6 | ||||||||||
Operating Segments | Storage Media and Accessories | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 447.5 | 645.4 | 760.2 | ||||||||||
Operating Income (Loss) | (2.2) | 25.7 | 55.9 | ||||||||||
Corporate and unallocated | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | (142.8) | (85.1) | (48.7) | ||||||||||
Corporate and Operating | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Operating Income (Loss) | (177.3) | (104.1) | (20.1) | ||||||||||
Segment Reconciling Items | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Interest income | (0.4) | (0.5) | (0.2) | ||||||||||
Interest expense | 3.3 | 2.6 | 2.5 | ||||||||||
Other expense, net | 1.3 | 3.1 | 0.6 | ||||||||||
Nexsan Corporation | Operating Segments | Storage and Security Solutions | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 62.8 | 63.5 | 78.2 | ||||||||||
Operating Income (Loss) | (25.4) | (34.3) | (14.8) | ||||||||||
Imation Mobile Security (IronKey Brand) | Operating Segments | Storage and Security Solutions | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 18.9 | 20.6 | 22.4 | ||||||||||
Operating Income (Loss) | $ (6.9) | $ (10.4) | $ (12.5) | ||||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Business Segment Information 89
Business Segment Information and Geographic Data - Segment Information by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | $ 94 | $ 129.2 | $ 150.6 | $ 155.4 | $ 197 | $ 175 | $ 178.6 | $ 178.9 | $ 529.2 | [1] | $ 729.5 | [1] | $ 860.8 |
Reportable Geographical Components | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 529.2 | 729.5 | 860.8 | ||||||||||
Long-Lived Assets | 4.6 | 45 | 4.6 | 45 | 51.6 | ||||||||
Reportable Geographical Components | United States | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 207.2 | 253.6 | 348.1 | ||||||||||
Long-Lived Assets | 3 | 41.6 | 3 | 41.6 | 47 | ||||||||
Reportable Geographical Components | International | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net Revenue | 322 | 475.9 | 512.7 | ||||||||||
Long-Lived Assets | $ 1.6 | $ 3.4 | $ 1.6 | $ 3.4 | $ 4.6 | ||||||||
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Litigation, Commitments and C90
Litigation, Commitments and Contingencies - Narrative (Details) $ in Millions | May. 22, 2013entitypatent | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Loss Contingencies [Line Items] | |||||||
Copyright levy accrual reversal | $ 2.8 | ||||||
ECJ Copyright Levy | |||||||
Loss Contingencies [Line Items] | |||||||
Copyright levies payment | $ 100 | ||||||
Accrued copyright levies | $ 5.1 | 5.1 | $ 9.3 | ||||
Italy Copyright Levy | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued copyright levies | $ 13.6 | ||||||
Amount of copyright levy overpaid | $ 39 | ||||||
Italy Copyright Levy | Cost of Sales | |||||||
Loss Contingencies [Line Items] | |||||||
Gain (loss) related to litigation settlement | 1 | ||||||
France Copyright Levy | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued copyright levies | 14.4 | 14.4 | $ (9.5) | ||||
Amount of copyright levy overpaid | 55.1 | ||||||
Other EU Jurisdictions | |||||||
Loss Contingencies [Line Items] | |||||||
Accrued copyright levies | 5.1 | 5.1 | |||||
Pending Litigation | One-Blue LLC and Members | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | entity | 5 | ||||||
Number of patents allegedly infringed | patent | 6 | ||||||
Pending Litigation | Legacy Businesses [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Accounts payable | 26 | $ 26 | |||||
Damages sought | 5.3 | ||||||
Other Current Assets | |||||||
Loss Contingencies [Line Items] | |||||||
Restricted cash | $ 9.9 | $ 9.9 |
Litigation, Commitments and C91
Litigation, Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leases, Rent Expense, Net [Abstract] | |||
Minimum lease payments | $ 8.1 | $ 7.8 | $ 8.5 |
Contingent rentals | 0.1 | 1.6 | 3.8 |
Rental income | (8.2) | (8.6) | (8.4) |
Sublease income | 0 | 0 | (0.5) |
Total rental expense, net | 0 | 0.8 | 3.4 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 2.7 | ||
2,017 | 0.9 | ||
2,018 | 0.8 | ||
2,019 | 0.6 | ||
2,020 | 0.4 | ||
Thereafter | 0.3 | ||
Total | 5.7 | ||
Warehouse providers | Cost of Sales | |||
Operating Leases, Rent Expense, Net [Abstract] | |||
Minimum lease payments | 0.6 | 0.8 | 0.9 |
Contingent rentals | $ 0.7 | $ 1.8 | $ 2.8 |
Related Party Transactions (Det
Related Party Transactions (Details) | Oct. 29, 2015USD ($) | Oct. 14, 2015USD ($)period | Sep. 28, 2015shares | Sep. 18, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)directorshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 17, 2015USD ($) | Sep. 19, 2015USD ($) | Aug. 17, 2015USD ($) | Aug. 08, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Stock receivable from termination of rights agreement | shares | 6,675,764 | |||||||||||
Carrying value of intangible asset | $ 4,200,000 | $ 4,200,000 | $ 57,900,000 | |||||||||
Gain from TDK transaction (non-cash) | $ (9,100,000) | $ 0 | $ 0 | |||||||||
Investor | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of board of directors | director | 3 | |||||||||||
Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership percentage by related party | 18.00% | |||||||||||
Purchases from related party | $ 3,000,000 | $ 28,000,000 | ||||||||||
Trade payable to related party | 0 | $ 0 | 0 | |||||||||
Trade receivables from related party | 0 | 0 | $ 0 | |||||||||
Director | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Consulting fees per week | $ 25,000 | |||||||||||
Expenses from transactions with related party | $ 184,000,000 | |||||||||||
Additional possible contingent compensation | $ 260,000 | |||||||||||
Number of consecutive six month periods to achieve revenue targets | period | 3 | |||||||||||
President | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Consulting fees per week | $ 172,000 | $ 125,000 | $ 85,000 | |||||||||
Expenses from transactions with related party | $ 225,000 | |||||||||||
License Agreement Termination | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Stock receivable from termination of rights agreement | shares | 6,675,764 | |||||||||||
License Agreement Termination | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Treasury stock | $ 13,600,000 | |||||||||||
Other Current Liabilities | Investor | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Due to related parties | 600,000 | 600,000 | ||||||||||
Restructuring and Other Charges | President | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Expenses from transactions with related party | 3,000,000 | |||||||||||
Restructuring and Other Charges | License Agreement Termination | Intellectual Property | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Carrying value of intangible asset | 4,500,000 | 4,500,000 | ||||||||||
Restructuring and other | License Agreement Termination | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Gain from TDK transaction (non-cash) | $ 9,100,000 | |||||||||||
Connected Data, Inc. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Consideration transferred | $ 6,700,000 | |||||||||||
Mr. Fernander | Restructuring and Other Charges | Director | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Expenses from transactions with related party | 300,000 | |||||||||||
Mr. Barrall | Restructuring and Other Charges | Director | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Expenses from transactions with related party | $ 200,000 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Net revenue | $ 94 | $ 129.2 | $ 150.6 | $ 155.4 | $ 197 | $ 175 | $ 178.6 | $ 178.9 | $ 529.2 | $ 729.5 | [1] | $ 860.8 | |
Gross profit | 24.9 | 13.4 | 29 | 34 | 39.6 | 31.2 | 33.9 | 33.7 | 101.3 | 138.4 | [1] | 188.7 | |
Goodwill impairment | 0 | 36.1 | 0 | 0 | 0 | 35.4 | 0 | 0 | 36.1 | 35.4 | [1] | 0 | |
Intangible impairments | 0 | 37.6 | 0 | 0 | 37.6 | 0 | 0 | ||||||
Restructuring and other | 5 | 40.2 | 1.5 | 1.2 | 2.1 | 4.2 | 5.2 | 2.1 | 47.9 | 13.6 | [1] | 11.3 | |
Operating Income (Loss) | 0.3 | (148.7) | (15.9) | (13) | (12.1) | (55.8) | (20.1) | (16.1) | (177.3) | (104.1) | [1] | (20.1) | |
Loss from continuing operations | (9.9) | (152.3) | (17.4) | (14.4) | (14.4) | (61.4) | (19.8) | (16.8) | (194) | (112.4) | [1] | (24.4) | |
Loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | (1.6) | (0.7) | 0 | (2.3) | [1] | (20) | |
Net loss | $ (9.9) | $ (152.3) | $ (17.4) | $ (14.4) | $ (14.4) | $ (61.4) | $ (21.4) | $ (17.5) | $ (194) | $ (114.7) | [1] | $ (44.4) | |
Loss per common share, continuing operations: | |||||||||||||
Continuing operations, basic (dollars per share) | $ (0.27) | $ (3.70) | $ (0.42) | $ (0.35) | $ (0.35) | $ (1.49) | $ (0.48) | $ (0.41) | $ (4.84) | $ (2.74) | [1] | $ (0.60) | |
Continuing operations, diluted (dollars per share) | (0.27) | (3.70) | (0.42) | (0.35) | (0.35) | (1.49) | (0.48) | (0.41) | (4.84) | (2.74) | [1] | (0.60) | |
Loss per common share, discontinued operations: | |||||||||||||
Discontinued operations, basic (dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.02) | 0 | (0.06) | [1] | (0.49) | |
Discontinued operations, diluted (dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.04) | (0.02) | 0 | (0.06) | [1] | (0.49) | |
Income (Loss) from Operations before Extraordinary Items, Per Basic and Diluted Share [Abstract] | |||||||||||||
Basic (dollars per share) | (0.27) | (3.70) | (0.42) | (0.35) | (0.35) | (1.49) | (0.52) | (0.43) | (4.84) | (2.80) | [1] | (1.10) | |
Diluted (dollars per share) | $ (0.27) | $ (3.70) | $ (0.42) | $ (0.35) | $ (0.35) | $ (1.49) | $ (0.52) | $ (0.43) | $ (4.84) | $ (2.80) | [1] | $ (1.10) | |
[1] | The sum of the quarterly loss per share may not equal the annual loss per share due to changes in average shares outstanding and rounding. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Feb. 29, 2016USD ($) | Jan. 04, 2016USD ($)trademark | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 08, 2016USD ($) | Feb. 02, 2016USD ($) |
Subsequent Event [Line Items] | ||||||||
Impairment of long-lived assets to be disposed of | $ 3.5 | |||||||
Proceeds from sale of assets and business | 3.3 | $ 3.4 | $ 11 | |||||
Gain on sale | 0 | $ 0 | $ 9.8 | |||||
Trademarks | Discontinued Operations, Disposed of by Sale | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of trademarks | 5.9 | |||||||
Impairment of long-lived assets to be disposed of | $ 1.8 | |||||||
Subsequent Event | Clinton Group | ||||||||
Subsequent Event [Line Items] | ||||||||
Subscription agreement, cash managed | $ 20 | |||||||
Subsequent Event | Discontinued Operations, Disposed of by Sale | Imation Mobile Security (IronKey Brand) | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of business, total consideration | $ 4.7 | |||||||
Subsequent Event | Discontinued Operations, Disposed of by Sale | Imation Mobile Security Excluding Software and Services | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of business, total consideration | 4.3 | |||||||
Subsequent Event | Discontinued Operations, Disposed of by Sale | Imation Mobile Security Software and Services | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of business, total consideration | $ 0.4 | |||||||
Subsequent Event | Facility Closing | Discontinued Operations, Disposed of by Sale | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price of facility | $ 11.5 | |||||||
Subsequent Event | Trademarks | Discontinued Operations, Disposed of by Sale | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of trademarks sold (trademark) | trademark | 2 | |||||||
Sale of trademarks | $ 9.4 | |||||||
Scenario, Forecast | Discontinued Operations, Disposed of by Sale | Imation Mobile Security (IronKey Brand) | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain on disposal of business | $ 3 | |||||||
London, Ontario Canada Property [Member] | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of assets and business | $ 0.6 | |||||||
Gain on sale | $ 0.4 |